Unwrapping the Metro Denver Real Estate Market: A Holiday Edition

Season’s Greetings, Colorado home enthusiasts!  As the jingle bells ring and the snow gently falls, the Metro Denver real estate market is experiencing its own winter wonderland. But instead of sugar plums, we’re dancing with market stats and trends! Let’s cozy up with a cup of hot cocoa and unwrap the current market scenario in Colorado, complete with a sprinkle of holiday magic and a dash of real estate wisdom.

As we glide into the final weeks of December, the real estate market in Metro Denver is mirroring the calmness of a winter’s night.  With the holiday season in full swing, our market is taking a little down time, much like us spending evenings by the fireplace.  Here’s the latest from our real estate wonderland:

• Market Activity: The average daily active listings have taken a slight dip, down by -3.7%, totaling 6,065 listings. Think of it as the calm before the storm of holiday shoppers. New listings have also decreased by -12.2% week over week, though, intriguingly, they're up by 0.7% compared to last year. It seems like some sellers are playing Santa, bringing new homes to the market just in time for Christmas!

• Odds of Selling: Currently, the odds of selling are at 41.5%, a bit like hoping for a white Christmas in Colorado - possible, but lower than the average.  Historically, December's average from 2013-2019 was 49.8%.

• Supply and Demand: To reach a balanced market, we would need 16,652 total listings.  Currently, we’re at 36.4% of this ideal, which is like expecting every house to have perfect holiday decorations - ambitious, but not quite there yet.

• Showing and Contract Trends: Last week we saw 8,498 showings, averaging 1.4 shows per property.  On average, it took about 13 showings to go under contract, within a median of 36 days - a bit like waiting for your favorite holiday movie to finally air on TV.

• Price Dynamics: Price reductions decreased to 51.2%, with an average reduction size of -6.3% off the original price.  It's like holiday sales, but for houses!

Looking Ahead:

• As we wrap up 2023, we’re expecting a rise in withdrawn and expired units, much like packing away the holiday decorations, making way for a fresh start in the new year.

• Anticipate motivated sellers in 2024, creating opportunities for buyers, similar to those post-holiday sales we all love.

Conclusion:

As the year comes to a close, just like the final chapter of a classic holiday story, our real estate market is setting the stage for an exciting new year.  Whether you’re nestled snug in your home or on the lookout for a new one, remember, in real estate, as in the holidays, it’s all about the joy of the journey and the warmth of the home.  Happy Holidays and may your real estate dreams come true in the New Year!