Eventful Real Estate Market During a Non-Eventful Week

Eventful Real Estate Market During a Non-Eventful Week

  • Victoria Merchant
  • 06/8/23

You know those weeks that go by fast, but not much is accomplished? That’s this past one for me. 

  • I did start a new book club with some people from my gym. We’re reading Kurt Cobain’s book. It’s a quick read. Everyone in the club is cool, so I think it’ll be a fun group. 

The kids are getting some tutoring this summer, and that’s going well. I’m sure they’d rather be doing something else, but they’re not complaining as much as one would think. Bridger and I are planning a trip to Steamboat next week for baseball; my friend is coming with us, so that will be a nice little “vacay.”

I did a rope climb today at CrossFit, which was really challenging, but I did more than the usual, so I’m happy with that. 

Ummm… let’s see… I got a Moxi laser facial today. And, OH! I got my tires changed. 

Okay, I’m just skipping to the work stuff if we're talking about tires. 

My Colorado Real Estate Activity

We went live with one of my listings in Black Hawk last weekend and have had pretty good activity. It’s got private fishing rights to a pond, a tranquil neighborhood, and a lot of stunning areas. You should check it out if that sounds good to you!

I have some things on the horizon that I’ll keep you posted about, but I can’t get into just yet. The market here is still going strong, but this week has been a lot of waiting, which happens. 

Current Denver Area Real Estate Market

The market rebounds after Memorial Day but not back to the level of spring markets.

  • Our average daily active count rose another 1.0% with 4,739 total listings for sale, 1,312 of which were new listings. New listings increased week over week by 53.8% and compared to one year ago new listings are down -30.2% keeping inventory choices tight in 2023. Pending transactions grew from last week by 25.6%% with 1,059 listings going under contract.
  • Months of inventory dropped to a 1.0 month of supply in the 7 metro counties. When this number is below 1 month of inventory it signals that multiple offers are more likely since there are more buyers in the market than homes to sell. The market is hotter and colder geographically. Hotter areas can be found in the inner land-locked suburbs running around the inside ring of C-470 and cooler in areas of new construction, Central Denver and in the outer ring suburbs outside of C-470.
  • The Odds of Selling increased this last weekend by 3.2% to 61.6% when listing last week in the next 30 days. Overall, June’s average Odds of Selling from 2013-2019 was 55.1%. Even in light of higher interest rates demand outpaces the previous cycle, excluding pandemic years, and continues to be a competitive market overall.
  • Based on demand from last week to put our market into balance with a 6 month supply of inventory we would need to have 27,640 total listings available for sale which puts us at 17.1% of balance.
  • While only 13,990 showings were set last week, averaging 3.0 shows per property, buyers were slightly less serious in looking at 14 homes before putting them under contract in a median of 7 days.
  • The rate of price reductions remained decreased this week with 26.1% of units going under contract having to make price reductions. Price reduction size was smaller this week at -5.1% off the original price.

Upcoming Events

  • Concerts in Clement Park- Looking for family fun every Thursday night this summer? How about some free live music at Clement Park? 
  • Culinary Adventures – Farm to Table- Healthy food straight from the farm is all the rage. If you don’t know what the fuss is about, here’s your chance!
  • Let's Dance- Grab your tiny tyke for some fun dance moves that will inspire loads of giggles.
  • 80s Rock Camp- If you’ve got a kid 7 - 18 years old who loves to jam, this 80s-themed rock camp is for them!

Work With Victoria

If you have any real estate related questions, are interested in having a 'no-strings' valuation done on your property, or would like to see some Colorado mountain homes, don't be afraid to reach out!