The market constricted this week with more buyers jumping into the market and inventory remaining tight
Shifts in our market are not mirroring previous real estate cycles in 2023, this last week the market tightened, and the odds of selling went up which is atypical based on historical data heading later into July.
- Our average daily active count grew by 3.9% with 5,599 total listings for sale, 1,228 of which were new listings. New listings increased week over week by 2.1% and compared to one year ago new listings are down -23.5% keeping inventory choices tight in 2023. Pending transactions increased from last week by 9.3% with 1,031 listings going under contract.
- Months of inventory decreased to 1.2 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 1.4% to 56.7% 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 26,909 total listings available for sale which puts us at 20.8% of balance.
- 13,688 showings were set last week, averaging 2.4 shows per property, buyers were slightly more serious in looking at 13 homes before putting them under contract in a median of 11 days.
- The rate of price reductions increased to 33.2% of units going under contract having to make price reductions. Price reduction size was larger this week at -5.2% off the original price.
