Denver Market | Top Ten Talking Points | October 2024

1. Inventory in Metro Denver has been leveling out for a month now, though up significantly year-over-year (+48.7%). The time to negotiate is now, before listings are pulled off the market for the season.
2. Pending transactions had a notable decline week-over-week, dropping by 8.3%, indicating a seasonal slowdown.
3. Almost 60% of sellers in the attached home market are offering concessions to buyers, most often to cover closing costs or interest rate buy-downs.
4. Days in MLS are up 47.4% year-over-year, this extended time on market is offering buyers more time to make informed decisions.
5. With increased competition in the sellers market, nearly 50% of deals going under contract have reduced their price. There is great opportunity for buyers to negotiate.
6. Metro Denver is seeing 1.2 shows per property, per week and 16 showings to go under contract. This is up nearly 25% compared to this time last year.
7. 17.2% of attached listings are sell for over asking price, though in most cases, these deals closed with sellers concessions to buy down the buyer's interest rate.
8. October's Odds of Selling are trending historically low for the season at 34.4%, down -8.4% year-over year. An initial marketing strategy is essential to boost your odds and avoid becoming another stale listing.
9. Homes are continuing to take longer to sell, with a 28 median days on market. Ensure your home is market ready, and be prepared for longer timelines.
10. With Metro Denver experiencing some of the most dynamic market shifts in history, sellers who resist adapting their marketing strategies risk being left behind and missing key opportunities.

SOURCE: our friends at First American Title