May 25th Weekly Report

May 25th Weekly Report

  • Megan Aller
  • 05/26/23

Slight bump in market activity this last week, expect a slower weekend heading into Memorial Day

• Our average daily active count rose another 3.6% with 4,517 total listings for sale, 1,273 of which were new listings. New listings increased week over week by 8.8% and compared to one year ago new listings are down -26.4% keeping inventory choices tight in 2023. Pending transactions rose from last week by 10.5% with 1,093 listings going under contract.

• Months of inventory remained at 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 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 increased slightly to 62.4% 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.

• Based on demand from last week to put our market into balance with a 6 month supply of inventory we would need to have 28,527 total listings available for sale which puts us at 15.8% of balance.

• While only 14,802 showings were set last week, averaging 3.2 shows per property, buyers were slightly less serious in looking at 14 homes before putting them under contract in a median of 8 days..

•The rate of price reductions remained flat this week at 25.8% of units going under contract having to make price reductions. Price reduction size was slightly smaller this week at -4.8% off the original price.

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