September 7th Weekly Report

September 7th Weekly Report

  • Megan Aller
  • 09/8/23

Labor Day Weekend brings out the lowest Odds of Selling in all of 2023

  • Our average daily active count grew by 0.7% with 6,300 total listings for sale, 650 of which were new listings. New listings decreased week over week by -34.5% and compared to one  year ago new listings are down -23.4% keeping inventory choices tight in 2023. Pending transactions decreased from last week by -27.3% with 646 listings going under contract.
  • Months of inventory remained jumped to 2.2 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 -8.9% to 42.0% 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 16,861 total listings available for sale which puts us at 37.4% of balance.
  • 10,427 showings were set last week, averaging 1.7 shows per property, on average it took 16 showings to go under contract in a median of 19 days.
  • The rate of price reductions increased to 41.8% of units going under contract having to make price reductions. Price reduction size was smaller this week at -5.3% off the original price.

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