Denver Market Update | January 10 -16, 2024 | Brett's Quick Tips
New Listings Update: With a total of 4,651 listings for sale, including 703 new listings, the market saw a week-over-week increase of 4.3%. However, compared to the previous year, new listings are down by -0.7%.
Pending Transactions Surge: The number of pending transactions rose by 10.3% week over week, with 736 listings going under contract. This indicates a dynamic and active market.
Odds of Selling on the Rise: The Odds of Selling increased by 2.5% to 48.8% for listings from last week expected to sell in the next 30 days. While currently trending below historical averages, the market is showing a quick rebound.
Market Balance and Inventory Insights: To achieve market balance with a 6-month supply of inventory, we would need 19,210 total listings for sale. Currently, we stand at 24.2% of that balance, indicating a demand-supply imbalance.
Property Showings and Price Reductions: Last week witnessed 11,043 showings, averaging 2.4 shows per property. On average, it took 15 showings for a property to go under contract within a median period of 33 days. The rate of price reductions decreased to 39.0%, with a slightly larger reduction size of -5.2% off the original price.
