Labor Day a cooler weekend in the market.
Labor Day weekend signals the end of the selling season historically in Metro Denver. We tend to see fewer new listings, more listings expiring or being withdrawn and fewer pending transactions. This year was no different. -23.5% Fewer new listings entered the market from last week, pending transactions fell by -13.1% and expired listings jumped +86.3%. Our months supply of inventory jumped to 1.6 months of inventory and days on market fell by 1 day to 19 median days on market. We typically see a slight pick up the weekend following Labor Day but overall the market will continue to cool through the end of the year.
The rate of showings slowed by -18.4% from last weekend with just over 11,000 showings set over Labor Day weekend. Shows per property was 1.8 on average. Again, showings should pick up this weekend slightly.