Denver Market Update | October 25-31, 2023 | Brett's Quick Tips

1. Seize the Opportunity The current month's supply of inventory in Metro Denver is just 2.5 months. This creates a buyer's market, allowing you to negotiate, request repairs, avoid waiving appraisals, and even get concessions from sellers for closing costs or interest rate reductions.

2. Keep an Eye on Inventory While the number of new listings decreased slightly last week, they are up by 8.4% compared to the previous year. With 7,123 listings for sale, choices remain tight in 2023. Monitor the market closely for opportunities.

3. Watch the Odds The Odds of Selling have declined by -1.7% to 41.0% when listing last week for the next 30 days. Be prepared for a market with slightly lower odds of selling compared to historical averages.

4. Assess Market Balance To achieve a balanced market with a 6-month supply of inventory, we would need 17,435 listings. Currently, we are at just 40.9% of that balance. Be mindful of market conditions when buying or selling.

5. Property Showings Matter Last week, 9,141 showings were set, averaging 1.3 shows per property. On average, it took 14 showings for a property to go under contract in a median of 24 days. Act quickly and schedule showings efficiently.

6. Price Reductions Are Increasing The rate of price reductions increased to 49.6% of units going under contract, with a smaller reduction size of -5.8% off the original price. Be prepared to negotiate effectively to secure the best deal.

7. Understand the Seller Market 2023 is a year where people have to sell, rather than want to sell. Withdrawn and expired listings are down, with withdrawn transactions down by -4.1% and expired listings down by -16.5% compared to the same week one year ago. Be aware of market dynamics when making decisions.