Steady and Healthy

This week is a rapid fire sharing of charts with brief comments.  Prices are holding steady, listings are strong, showings are slow but significant, contracts have surged a bit, offers over asking are as slow as we’ve seen in years and the number of price reductions are likely to begin increasing.

With elevateds interest rates, showings have been slow, but steady through the spring.  Last week saw just 17,400 showings across the Denver metro area.

And that results in showings per listings as slow as we have ever see this time of year.  Last week the average listing experienced only 2.44 showings.

However, the number of showings it takes to get a contract has drifted downward and dropped significantly last week to just 12.9 showings for a contract, compared to the historical average of about 20 showings.

This means that while showings have been slower, contracts have remained strong.  1,054 properties went under contract last week compared to just 866 the same time last year.  Active buyers appear to be determined buyers.

But buyers are not behaving too aggressively.  The percentage of homes selling for above the asking price was just 33% last week and 47.4% selling below the asking price.  It appears as though this may be close to the peak of above asking offers, with inventory continuing to climb and showing activity remaining modest.

While this will put downward pressure on prices, and we do expect prices to decline through year end as they do each year, prices have held strong in 2024 despite elevated interest rates and slow buyer activity.

Last week the average sold price remained almost $40,000 higher than 2023, ending the week at $719,900.

And new listing activity has remained strong for the last two months with 1,458 homes hitting the market last week, compared to 1,286 the same time last year.