Denver Market Update | November 1-7, 2023 | Brett's Quick Tips
Inventory Insights: In a tight market, seize opportunities. Despite a slight uptick in October, active inventory is 17.6% below the historical average. Act decisively when the right property appears.
Transaction Trends: Navigate the market shift. Pending transactions decreased by 5.0%, and closed transactions dropped by 8.9% from September. Compared to the same period last year, pending transactions dropped by 7.9%, and closed transactions saw a decline of 17.9%. Awareness of these changes empowers informed decisions.
Months of Inventory: Buyer's advantage in Q4. With a 14.3% monthly increase to 2.4 months, the market is cooling. Buyers can negotiate from a position of strength during this period.
Price Patterns: Track the nuances. Average sold prices edged up by 0.2%, reaching $765,842, while the median price dipped by -0.2% to $636,288. Understanding these variations is key for buyers and sellers alike.
Handling Multiple Offers: A balanced market emerges. Multiple offers persist, but less aggressively. 26.7% of homes sold in these situations, averaging 2.7% over asking price. Gauge the landscape with a strategic approach.
Days on Market: Time is a factor. The average and median days on market increased to 30. Keep an eye on the clock, as 36.6% of homes under contract in 7 days or less secured 100.4% of their original list price.
Observation Bonus: Explore financing strategies. 26.5% of homes sold over asking price, with 69.7% offering concessions averaging $9,300. Buyers are creatively structuring offers, emphasizing seller points paid.
Stay informed, stay ahead!
