Denver Market | Top Ten Talking Points | July 2024

1. The current market retraction phase gives more negotiating power.

2. Inventory is continuing to increase significantly, up 65.3% year over year.

3. With new listings continuing to rise and expected to grow until September, this will bring a broader selection of properties.

4. Significant year-over-year increase in median days to go under contract (24) is allowing buyers to negotiate better terms.

5. Properties are averaging 1.6 showings per week, averaging 16 showings to contract.

6. Although below historical baselines, the slight improvement in Odds of Selling (+7.5%) suggests there is still healthy market activity for motivated sellers.

7. Days on market are up 118.2% year-over-year. Anticipate longer days on market heading into August.

8. The rate of price reductions increased. If you are considering a price adjustment, make sure it is at least 5% if you want to trigger past interest and new interest.

9. Pending transactions have also risen 21.2% from the previous weekend, indicating ongoing buyer interest despite the broader market retraction.

10. This is Denver's highest inventory level in July since 2014 suggesting a market that requires sellers to put in the work before they bring their home to market. There is absolutely a strategy to sell today (PS- Our July sellers that executed our specific strategy were under contract in 5 days or less.)

SOURCE: Our friends at First American Title