Listings Going Under Contract are Outpacing New Listings

Our first surge of buyer activity surfaced during the first weekend of January and has stabilized. We will likely see similar levels of activity until after the Super Bowl and President’s Day weekend when our secondary surge of buyers really begins to ramp up and the market becomes increasingly competitive.

Our average daily active count was flat, slightly down by -1.6% with 4,543 total listings for sale, 817 of which were new listings. New listings flat week over week up by 0.9% and compared to one year ago new listings are up 15.7%. Pending transactions were slightly down week over week by -1.5% with 875 listings going under contract. The rate at which listings are going under contract is outpacing the rate of new listings entering the market.

The Odds of Selling decreased this last weekend by -4.2% to 48.8% when listing last week for the next 30 days. Overall, January’s average Odds of Selling from 2013-2019 and 2023 was 56.0%. We are trending historically at slightly lower odds of selling.

Based on demand from last week to put our market into balance with a 6-month supply of inventory we would need to have 22,838 total listings available for sale which puts us at 19.9% of balance.13,328 Showings were set last week which was up 5.4%, averaging 2.9 shows per property, on average it took 15 showings to go under contract in a median of 15 days. Median days in MLS have been dropping each week by nearly 7 days from the week prior.

The rate of price reductions decreased week over week to 34.3% of units going under contract reduced their price. Price reduction size was slightly smaller this week at -5.0% off the original price.

A dynamic market requires a solid knowledgeable team that understands the market's fundamentals and how to use them strategically for clients success. Thank you to Megan Aller at First American Title for the market statistics. If you have questions about this update, want information on other Denver area markets, or would like to talk buying and selling please contact me.