The market rebounded after the Independence Day Weekend slump, but not to June levels. We are entering into our slower part of the annual real estate cycle where buyers have more power to negotiate.
- Our average daily active count fell by -2.4% with 5,391 total listings for sale, 1,203 of which were new listings. New listings increased week over week by 47.1% and compared to one year ago new listings are down -25.6% keeping inventory choices tight in 2023. Pending transactions increased from last week by 9.8% with 943 listings going under contract.
- Months of inventory decreased to 1.3 months 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 1.2% to 55.3% when listing last week in the next 30 days. Overall, July’s average Odds of Selling from 2013-2019 was 52.0%. 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 24,612 total listings available for sale which puts us at 21.9% of balance.
- While only 12,969 showings were set last week, averaging 2.4 shows per property, buyers were slightly less serious in looking at 14 homes before putting them under contract in a median of 12 days.
- The rate of price reductions decreased to 32.2% of units going under contract having to make price reductions. Price reduction size was larger this week at -5.1% off the original price.
