The metro Denver real estate market continues to gain steam as due to a shift in the relationship between supply and demand. The market is pulling into the station early
- Our average daily active count was flat, slightly down by -0.8% with 4,615 total listings for sale, 810 of which were new listings. New listings increased week over week by 15.2% and compared to one year ago new listings are up 15.4%. Pending transactions increased week over week by 20.7% with 888 listings going under contract. The rate at which listings are going under contract is out pacing the rate of new listings entering the market.
- The Odds of Selling increased this last weekend by 4.2% to 53.0% when listing last week for 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 slightly 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 23,177 total listings available for sale which puts us at 19.9% of balance.
- 12,649 Showings were set last week which was up 14.5%, averaging 2.7 shows per property, on average it took 14 showings to go under contract in a median of 21 days. Median days in MLS has dropped -58% since New Year’s Day which was just 3 weeks ago.
- The rate of price reductions decreased week over week to 36.8% of units going under contract reduced their price. Price reduction size was the slightly smaller this week at -5.1% off the original price.
