November 3rd Weekly Report

November 3rd Weekly Report

  • Megan Aller
  • 11/3/22

Days on market up at all price points as predictive months supply grows.

The market continues to calm heading into November. With Halloween this last weekend the market cooled as people headed off to celebrate the holiday with kids. Our average daily active count came down this last week to 7,110 homes available for sale by -0.6% from the last week. This is due to a month-end purge of expired listings and -13.0% fewer homes coming on the market as we kick off November. Even though our active inventory is down, our pending transaction count fell by -6.9% to 769 units going under contract last week. This increased our predictive months of inventory to 2.1 months, which we have not seen since October of 2018. It is typical for us to have 1.5 months of inventory in the month of October based on data from 2013-2021. If we remove the COVID years, and only look at 2013-2019 the typical months of inventory is 1.8 months of supply.

Median days on market grew to 26, up from the 21 we saw last week and are likely to continue to grow as we wrap up 2022. The last time we say median days on market at this level was back in December of 2019. Looking back on the data for median days on market for 2013-2022 was 12 for the month of October. Again, removing the COVID years and only looking at 2013-2019 median days on market for October were 14. It is taking just under 2 weeks longer to sell a house that what we have experienced seasonally this year in 2022.

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