Denver Market Update | November 22-28, 2023 | Brett's Quick Tips
Thanksgiving Slowdown: Over the holiday weekend, Greater Metro Denver experienced a significant 40.9% decrease in overall market activity.
Listing Crunch: With a week-over-week decline of 56.2%, new listings have tightened inventory choices in 2023.
Pending Transactions: Be aware of the 33.5% drop in pending transactions compared to the previous week, indicating a shift in market dynamics.
Odds of Selling: The Odds of Selling have declined by 11.6%, reaching 31.3% for listings last week. Compare this with the historical average of 49.8% to gauge current market competitiveness.
Market Balance Check: Currently, we are at 57.1% of the balanced market supply. To achieve equilibrium, we would need 11,588 total listings for sale.
Property Showings: Last week witnessed 5,698 showings, averaging 0.9 shows per property. It took an average of 13 showings for a property to go under contract in a median of 38 days.
Price Reductions: Keep an eye on the increased rate of price reductions at 55.5%, with units going under contract making reductions of -5.7% off the original price.
Motivated Sellers: 2023 presents motivated sellers, making the holiday weekends an excellent time for buyers with reduced competition.
Inventory Trends: Unlike the usual rise in withdrawn and expired units by the end of September, this year showed lower numbers over Thanksgiving weekend. Stay informed about unexpected inventory patterns heading into the new year.
