Denver Market Update | November 8-14, 2023 | Brett's Quick Tips
Timing is Key: With a tightening market (2.3 months of inventory), buyers should act promptly. Sellers, consider listing strategically during the traditionally busy 1st quarter.
Limited Choices for Buyers: Scarcity persists with a -4.9% decrease in new listings. Buyers, explore off-market opportunities; sellers, capitalize on reduced competition.
Capitalizing on Interest Rates: A slight increase in pending transactions (0.9%) hints at the impact of lower interest rates, with 707 listings going under contract. Buyers, explore financing options; sellers, consider attractive rates to attract more offers.
Understanding Odds of Selling: At 40.7%, odds are historically lower in November. Sellers, be realistic with pricing; buyers, negotiate wisely in a market with favorable terms.
Striving for Balance: To achieve a balanced market, we need 18,453 total listings, 37.6% of the required balance. Sellers, the demand is high; buyers, be prepared for competition and consider off-peak times for showings.
Property Showings Matter: On average, 15 showings lead to a property going under contract within 28 days. Sellers, focus on presentation; buyers, act decisively after viewing. Last week, there were 10,386 showings, averaging 1.5 shows per property.
Navigating Price Reductions: Over half of units under contract had price reductions (-6.1%). Sellers, price competitively; buyers, negotiate strategically based on market trends.
Motivated Sellers in 2023: Sellers are motivated by necessity, creating a market where negotiation, repairs, and concessions are on the table. Buyers, use this to your advantage; sellers, be flexible to secure deals.
Seasonal Considerations: The 4th quarter traditionally sees withdrawn and expired units, reducing supply. Sellers, assess timing; buyers, anticipate increased demand in the 1st quarter.
Data-Driven Decision Making: In 2023, data is paramount. Buyers and sellers, leverage market insights for informed decisions. Your choices contribute to market stability.
