Top Ten Talking Points | Denver Market | November 29 - December 5
1. The market rebounded significantly after Thanksgiving, with expectations of heightened activity in the first two weekends of December, compared to the previous ones leading up to Christmas and New Year.
2. Average daily active count declined, but new listings increased by 136% week over week and 10% compared to last year
3. Pending transactions saw a remarkable 42% increase WOW, with 631 listings going under contract
4. Odds of selling improved to 42.5% from 31%
5. Currently we have 6,298 listings, which indicates 38.2% of balance. 16,469 listings would be a balanced market.
6. Last week, it took on average, 14 showings to go under contract.
7. Median days on the market is 33, which is 13% less days than a week ago
8. Price reductions increased to 55%, but the size of the reductions decreased by 5%
9. 2023 is characterized by buyers with enhanced negotiating power and sellers cashing in on the equity they have acquired over the last few years but only those sellers who have taken pristine care of their homes.
10. As we approach the end of the year, there is a rise in withdrawn and expired units, crucial for drawing down inventory into the 1st quarter of the next year.
