Market rebounded after a holiday weekend just before Independence Day.
- Our average daily active count rose another 2.2% with 5,321 total listings for sale, 1,252 of which were new listings. New listings increased week over week by 6.4% and compared to one year ago new listings are down -29.3% keeping inventory choices tight in 2023. Pending transactions rose slightly from last week by 0.4% with 1,056 listings going under contract.
- Months of inventory remained increased to 1.2 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. 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 0.6% to 58.9% when listing last week in the next 30 days. Overall, June’s average Odds of Selling from 2013-2019 was 55.1%. 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 27,562 total listings available for sale which puts us at 19.3% of balance.
- While only 13,693 showings were set last week, averaging 2.6 shows per property, buyers were slightly less serious in looking at 13 homes before putting them under contract in a median of 10 days.
- The rate of price reductions decreased to 30.6% of units going under contract having to make price reductions. Price reduction size was larger this week at -5.0% off the original price.
