Denver Market | Top Ten Talking Points | Mid August 2024

1. With interest rates stabilizing, you face less competition now than if rates drop further. Consider buying now and refinancing later to avoid the surge in competition.

2. Showings rose by 2.8% week-over-week, and second showings are becoming more frequent. As the market cools, buyers have the advantage of extra time.

3. Predictive month's supply of inventory was up to 2.5 months which is 61.7% higher than one year ago.

4. Sellers are becoming more motivated as we approach the end of August, nearly half (49.5%) of closed units had price reductions last week.

5. Inventory overall continues to surge in the Denver Metro, up 67.1% year-over-year, providing more choices this fall than we've seen in years.

6. The median days on market is now 27, a 92.9% increase from last year. If you're listing your property, anticipate a longer selling process and be prepared to be patient.

7. Showing activity is predicted to fall by more than 40% over the holiday weekend. Have a strategy for list timing and marketing.

8. We are averaging 15 showings to go under contract in the Denver Metro and surrounding. Not seeing a contract after 15 showings? It might be time to reduce price.

9. 35% of transactions are falling apart before closing, often due to high insurance quotes or unresolved inspection issues. Buyers are not looking for properties with projects right now.

10. Withdrawn listings have increased by 42.7% year-over-year, with many properties going stale and being re-listed after 30 days. To prevent the headache, ensure your home is properly prepared and priced before listing to attract buyers from the start.

SOURCE: our friends at First American Title