Denver Market Update | December 6-12, 2023 | Brett's Quick Tips
Market Activity: The active count of listings currently for sale was 6,065.
New Listings Dynamics: While new listings decreased by -12.2% week over week, they are still up by 0.7% compared to the previous year.
Seizing Opportunities: With pending transactions rising by 1.1%, there were 638 listings going under contract.
Odds of Selling: The current Odds of Selling stand at 41.5%, indicating a lower likelihood of properties selling within 30 days.
Supply and Demand Insights: We currently have 36.4% of the necessary 16,652 total listings for a balanced market with a 6-month supply of inventory.
Showings: Properties saw 8,498 showings, averaging 1.4 per property.
Contracts: It took an average of 13 showings to go under contract within a median of 36 days.
Price Dynamics: The decreased price reductions were at 51.2%, with a larger reduction size of -6.3% off the original price.
Looking Ahead to 2024: Anticipate motivated sellers in the coming year, presenting potential opportunities for buyers to negotiate with those who must sell.
Year-End Trends: Expect a rise in withdrawn and expired units as the year concludes, contributing to inventory reduction for the upcoming first quarter.
