Rebound after the holiday weekend, but overall retraction is in effect heading into Fall
- Our average daily active count declined by -1.0% with 6,234 total listings for sale, 1,244 of which were new listings. New listings grew week over week by 91.4% and compared to one year ago new listings are down -9.8% keeping inventory choices tight in 2023. Pending transactions increased from last week by 26.3% with 816 listings going under contract.
- Months of inventory remained reduced to 1.8 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. 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 increased this last weekend by 5.5% to 47.5% when listing last week in the next 30 days. Overall, September’s average Odds of Selling from 2013-2019 was 47.8%.We are hopeful once we pass the holiday weekend that this metric will rebound to previous cycle levels.
- Based on demand from last week to put our market into balance with a 6 month supply of inventory we would need to have 21,298 total listings available for sale which puts us at 29.3% of balance.
- 11,871 Showings were set last week, averaging 1.9 shows per property, on average it took 15 showings to go under contract in a median of 16 days.
- The rate of price reductions declined to 38.0% of units going under contract having to make price reductions. Price reduction size was larger this week at -5.4% off the original price.
