The metro Denver real estate market perked up in the second weekend in January kicking off our real estate selling season. A larger pick up in buyer activity typically happens in late February.
- Our average daily active count declined, down by -6.9% with 4,609 total listings for sale, 674 of which were new listings. New listings increased week over week by 161.2% and compared to one year ago new listings are up 11.4%. Pending transactions increased week over week by 161.2% with 667 listings going under contract.
- The Odds of Selling increased this last weekend by 11.6% to 46.3% when listing last week in the next 30 days. Overall, January’s average Odds of Selling from 2013-2019 and 2023 was 56.0%.We are trending historically at a lower odds of selling but picking up quickly.
- Based on demand from last week to put our market into balance with a 6 month supply of inventory we would need to have 17,409 total listings available for sale which puts us at 26.5% of balance.
- 10,875 Showings were set last week, averaging 2.4 shows per property, on average it took 16 showings to go under contract in a median of 49 days.
- The rate of price reductions decreased week over week to 43.8% of units going under contract reduced their price. Price reduction size was the smaller this week at -5.0% off the original price.
