Denver Market Update | January 17 - 23, 2024 | Brett's Quick Tips
New Listings Update: The daily active count remained steady, experiencing a marginal decrease of -0.8%, with a total of 4,615 listings for sale. Among these, 810 were newly added listings. Last week new listings saw a notable uptick of 15.2%; compared to the same period last year, there was a 15.4% increase in new listings.
Pending Transactions: Pending transactions rose by 20.7%, with 888 listings going under contract. The pace of listings under contract surpasses new listings entering the market.
Assess Selling Odds: The Odds of Selling increased by 4.2% to 53.0% last weekend. While this is slightly below the historical average of 56.0%, the market is showing signs of improvement.
Market Balance and Inventory Insights: We would need 23,177 total listings for sale to achieve a balanced market with a 6-month supply. Currently, we're at 19.9% of that balance.
Property Showings: With 12,649 showings last week, averaging 2.7 shows per property, it's essential to maximize exposure. Properties took an average of 14 showings to go under contract within a median of 21 days.
Price Reductions: The rate of price reductions decreased to 36.8%, with a slightly smaller reduction of -5.1% off the original price.
