The market rebounds after Memorial Day but not back to the level of spring markets.
- Our average daily active count rose another 1.0% with 4,739 total listings for sale, 1,312 of which were new listings. New listings increased week over week by 53.8% and compared to one year ago new listings are down -30.2% keeping inventory choices tight in 2023. Pending transactions grew from last week by 25.6%% with 1,059 listings going under contract.
- Months of inventory dropped to a 1.0 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 3.2% to 61.6% 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 27,640 total listings available for sale which puts us at 17.1% of balance.
- While only 13,990 showings were set last week, averaging 3.0 shows per property, buyers were slightly less serious in looking at 14 homes before putting them under contract in a median of 7 days.
- The rate of price reductions remained decreased this week with 26.1% of units going under contract having to make price reductions. Price reduction size was smaller this week at -5.1% off the original price.
