End of January Market Report

Denver Real Estate Market Sees a Boost in Pending Transactions

The Denver real estate market experienced a noticeable uptick in activity last week, helped by clear weather and a weekend free from football distractions. Buyer engagement increased, and in select areas where homes are well-priced and in excellent condition, multiple offers are starting to reappear. However, properties that don’t hit the mark from the outset risk lingering on the market, accumulating days and becoming less appealing to potential buyers.

Saturday continues to be the prime day for showings and open houses. Hopefully you opted to simply enjoy the game on Super Bowl Sunday, though in general it may be a quieter day for sellers hosting open houses.

Inventory levels remain relatively stable, showing only a slight increase from the previous week. However, compared to last year, inventory is significantly higher. New and coming soon listings saw a solid increase both week over week and year over year. Pending transactions also rose, though overall contract activity remains lower than last year, keeping the month’s supply of inventory elevated.

The Odds of Selling within the next 30 days saw a modest increase but are still below last year’s levels. Showings dipped slightly from the prior week but remained higher than at the same time last year. On average, homes went under contract with fewer showings and spent a few weeks on the market. Buyers continue to take more time before making decisions, reflected in the elevated days on market compared to last year.

Price reductions remain a key factor in the market. Nearly half of homes that went under contract last week had adjusted their asking prices. While the number of price cuts inched up, the average size of reductions was slightly smaller than in the previous week.

If you need or even slightly want to sell a home, now might be a really great time to get it listed! Give us a call today to see if selling now might be a good option for your circumstance and location.