Memorial Day BBQs and pool parties took precedence over real estate.
- Our average daily active count rose another 3.9% with 4,694 total listings for sale, 853 of which were new listings. New listings decreased week over week by -33.0% and compared to one year ago new listings are down -23.3% keeping inventory choices tight in 2023. Pending transactions fell from last week by -22.9% with 8.43 listings going under contract.
- Months of inventory grew to a 1.3 month 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 with hotter areas 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 this last 3 day weekend by -4.0% to 58.4% when listing last week in the next 30 days. Overall, May’s average Odds of Selling from 2013-2019 was 58.2%. Even in light of higher interest rates demand outpaces the previous cycle, excluding pandemic years, and continues to be a competitive market overall, with the last weekend in May cooling off.
- Based on demand from last week to put our market into balance with a 6 month supply of inventory we would need to have 22,002 total listings available for sale which puts us at 21.3% of balance.
- While only 11,022 showings were set last week, averaging 2.3 shows per property, buyers were slightly more serious in looking at 13 homes before putting them under contract in a median of 9 days.
- The rate of price reductions remained increased this week with 27.2% of units going under contract having to make price reductions. Price reduction size was larger this week at -5.7% off the original price.
