As anticipated, Independence Day created a stall in buyer activity.
- Independence Day Weekend slowed by approximately 25% in showing activity making room for buyers to have enhanced negotiating power in a less competitive environment.
- Our average daily active count rose another 3.8% with 5,522 total listings for sale, 818 of which were new listings. New listings decreased week over week by -34.7% and compared to one year ago new listings are down -10.9% keeping inventory choices tight in 2023. Pending transactions fell from last week by -18.7% with 859 listings going under contract.
- Months of inventory remained increased to 1.5 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 decreased over the holiday weekend by -4.8% to 54.1% 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 22,420 total listings available for sale which puts us at 24.6% of balance.
- While only 10,234 showings were set last week, averaging 1.9 shows per property, buyers were slightly more serious in looking at 12 homes before putting them under contract in a median of 12 days.
- The rate of price reductions increased to 34.1% of units going under contract having to make price reductions. Price reduction size was smaller this week at -4.9% off the original price.
