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Denver Real Estate Market Update

The Denver real estate market is currently experiencing a significant shift, with demand outpacing supply and creating a dynamic and fast-paced environment for buyers and sellers alike.

In recent weeks, the number of active listings in the metro Denver area has remained relatively stable, with a slight decrease of 0.8%, resulting in a total of 4,615 listings. Of these, 810 were new listings, marking a 15.2% increase week over week and a 15.4% increase compared to the same period last year.

However, the rate at which these listings are going under contract is outstripping the rate of new listings entering the market. In fact, pending transactions increased by 20.7% week over week, with 888 listings going under contract.

The Odds of Selling, a key indicator of market health, increased by 4.2% to 53.0% for listings last week, indicating a higher likelihood of a successful sale within the next 30 days. While this is slightly lower than the January average of 56.0% from 2013-2019 and 2023, it shows a promising upward trend.

To achieve a balanced market with a 6-month supply of inventory, we would need 23,177 total listings. Currently, we are at 19.9% of this balance, indicating a strong seller's market.

Last week, 12,649 showings were scheduled, up 14.5% from the previous week. On average, properties received 2.7 showings, and it took 14 showings for a property to go under contract within a median of 21 days. This is a significant decrease of 58% in median days in MLS since New Year’s Day, just three weeks ago.

Interestingly, the rate of price reductions decreased to 36.8% of units going under contract, with the size of the price reduction slightly smaller at -5.1% off the original price.

In conclusion, the Denver real estate market is heating up, with demand outpacing supply. This presents a unique opportunity for sellers to capitalize on the current market conditions. However, buyers must be prepared to act quickly in this competitive environment.

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