Top Ten Talking Points | Denver Market | November 8-14
1. Months of Inventory stands at 2.3, indicating a tightening market with fewer new listings and a decline in active inventory.
2. This echoes the trend observed in the deeper parts of the 4th quarter, similar to last year.
3. New listings are down 5%, reducing buyer choices today.
4. The dip in rates resulted in pending sales up 1% this week.
5. Only 4 out of 10 homes listed today are selling. Sellers: Make sure you have a strategy!
6. The needed inventory is 70% short to cover the demand. Sellers, you can absolutely be successful if you price and prepare properly. You are not selling it for less than you expected, the market is just different. You already won the lottery with the appreciation you experienced in years past.
7. On average, it took 15 showings for a property to go under contract within a median of 28 days. If you do not have an offer after 15 showings, you need a strategic price adjustment.
8. 50% of units under contract experienced price reductions, with a larger reduction size of -6% off the original price.
9. Sellers: Be prepared to negotiate, make repairs, and give concessions to get to the closing table.
10. Traditionally, the 4th quarter sees a rise in withdrawn and expired units. This purge helps lower supply heading into the 1st quarter, setting the stage for increased demand and multiple offers. Sellers: January can be your moment if you hold steady through the holidays.
