Inventory continues to grow creating buyer opportunity
The market continues it's cooling trend with inventory up and pending transactions down week over week. We ended with approximately 1.3 months of inventory which is up from the 0.2 months of inventory Metro Denver had back in January and February. It's taking more effort to sell a property now that earlier this year. I reached out to my top 50 clients this week and asked them what they are doing to market their new listings. Many are enhancing the photos with 3-D images and twilight photography, pre-inspections and repairs, full cleaning and window services and offering the buyer a home warranty. It's certainly taking more than just putting a listing in the MLS these days, but this is where the cream rises to the top. Here is the strategy sheet showing our overall cooling trend as we wrap up the summer months.
Watch your showings. With fewer buyers in the market and more listings pricing is trickier now. We all know that if you price a home right the first time it will sell faster and for more money, but how do you know if you've over priced it? Again, watch your showings. Based on data from last week it takes approximately 12 showings to go under contract. So if you've had 12 showings and no contracts it may be time to consider a price reduction. Average price reductions this last week for pending transactions was about 6.1%.