- Cinco de Mayo had a minimal impact on market activity. Our average daily active count rose another 1.0% with 4,164 total listings for sale, 1,326 of which were new listings. New listings increased week over week by 12.2%% but compared to one year ago new listings are down -17.3% keeping inventory choices tight in 2023. Pending transactions were up from last week by 1.5% with 1,163 listings going under contract.
- Months of inventory remained flat at 0.8 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 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 remained declined slightly to 64.2% 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.
- Based on demand from last week to put our market into balance with a 6 month supply of inventory we would need to have 30,354 total listings available for sale which puts us at 13.7% of balance.
- While only 15,087 showings were set last week, averaging 3.6 shows per property, buyers were more serious in only looking at 13 homes before putting them under contract in a median of 6 days..
- The rate of price reductions decreased this week by -4.2% to 20.6% of units going under contract having to make price reductions. Price reduction size was larger this week at -4.7% off the original price.
May 11th Weekly Report
- Megan Aller
- 05/11/23
