September 28th Weekly Report

September 28th Weekly Report

  • Megan Aller
  • 09/28/23

Gains in both active and pending activity in the last week, months supply of inventory down.

  • Our average daily active count increased by 3.3% with 6,811 total listings for sale, 1,000 of which were new listings. New listings decreased week over week by -3.9% and compared to one year ago new listings are down -3.4% keeping inventory choices tight in 2023. Pending transactions increased from last week by 7.5% with 856 listings going under contract.
  • Months of inventory dropped to 1.9 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 -0.7% to 46.5% 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 this metric continues to trend online with data for September from 2013-2019.
  • Based on demand from last week to put our market into balance with a 6 month supply of inventory we would need to have 22,342 total listings available for sale which puts us at 30.5% of balance.
  • 11,463 Showings were set last week, averaging 1.7 shows per property, on average it took 13 showings to go under contract in a median of 18 days.
  • The rate of price reductions was increased to 43.6% of units going under contract having to make price reductions. Price reduction size was larger this week at -5.7% off the original price.

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