Months of inventory and price reductions on the rise, odds of selling down.
- Months supply of inventory is sitting at 2.1 months which presents buyers with an excellent opportunity to negotiate transactions heading into the 4th quarter.
- Our average daily active count increased 0.6% with 6,927 total listings for sale, 987 of which were new listings. New listings increased week over week by 1.6% and compared to one year ago new listings are up 0.8% keeping inventory choices tight in 2023. Pending transactions decreased from last week by -7.0% with 755 listings going under contract.
- Months of inventory increased to 2.1 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. Hotter areas can be found in west of I-25 and cooler in areas of new construction, Central Denver and in the outer ring suburbs outside of C-470.
- The Odds of Selling decreased this last weekend by -4.5% to 41.9% when listing last week in the next 30 days. Overall, October’s average Odds of Selling from 2013-2019 was 49.4%.We are trending historically at a lower odds of selling.
- Based on demand from last week to put our market into balance with a 6 month supply of inventory we would need to have 19,706 total listings available for sale which puts us at 35.2% of balance.
- 11,231 Showings were set last week, averaging 1.6 shows per property, on average it took 15 showings to go under contract in a median of 19 days.
- The rate of price reductions was increased to 49.6% of units going under contract having to make price reductions. Price reduction size was the smaller this week at -5.6% off the original price.
