Denver Market Update | October 18-24, 2023 | Brett's Quick Tips

1. Buyers, This is Your Time: The market's cooling down, and there's a 2.3-month supply of homes. Translation: You've got more room to negotiate, ask for repairs, and maybe even snag some help with closing costs or rate buydowns.

2. Steady Listings, but Watch Out: The number of listings is holding steady, with a tiny 0.1% bump. However, new listings have dropped by -4.2%, which means you might have fewer options to choose from.

3. Odds of Selling: Currently, the odds of selling are at 42.7%, which is lower than the usual October average (2013-2019). This gives buyers some extra breathing space to make decisions.

4. Finding the Balance: For a well-balanced market, we'd need a lot more listings, about 18,766. Right now, we're at only 37.7% of that mark.

5. Showtime: Last week, we had 10,651 showings, with properties typically taking about 15 showings to get under contract in 23 days.

6. Bargain Alert: About 48% of homes are getting price cuts, with a significant -6.6% off the original price. If you're a buyer, this is your chance to find some great deals.

7. Sellers are Open for Business: Sellers are more willing to negotiate instead of pulling their listings. Withdrawn transactions are down -21.1%, and expired listings have dropped -22.2% compared to the previous year.