{"id":4227,"date":"2025-01-01T08:22:47","date_gmt":"2025-01-01T15:22:47","guid":{"rendered":"https:\/\/nexsteprealestate.com\/?p=4227"},"modified":"2025-01-05T09:57:15","modified_gmt":"2025-01-05T16:57:15","slug":"denver-metro-6-county-inventory-count","status":"publish","type":"post","link":"https:\/\/nexsteprealestate.com\/denver-metro-6-county-inventory-count\/","title":{"rendered":"Denver Metro 6 County Inventory Count"},"content":{"rendered":"
Market Fun Facts (12\/05\/24)<\/strong>: The Holidays are officially underway!\u00a0 What affect will this have on our real estate market as we enter into the final month of 2024?\u00a0 To answer this question NeXstep continues to monitor inventory levels across the 6 County Denver Metro. For the the second time in the past two months we see a decrease in inventory levels; active listings are down by -1718 listing for a total of 8375 active homes for sale<\/span>.\u00a0 This is the first time in 3 months that we have dropped below the 10K inventory levels.\u00a0 Sold homes had a decrease in sales; down by -477 sales for a total of 2984 sold units.\u00a0 The decrease in home sales and the decrease in active homes for sale has lowered our monthly absorption rate from 2.77 months to 2.75 months.\u00a0 Jefferson county now has the lowest absorption rate at 1.97 months and Denver county has the highest rate at 3.4 months. Denver County leads with the most active listings at 2,372 and Broomfield County continues to have the fewest listings at 182.\u00a0 Current publications indicate a balanced real estate market would need a minimum of 18,000 listings.\u00a0 <\/span>Thinking about selling…let’s talk<\/a>!<\/span><\/p>\n What do these numbers mean?<\/strong> To help understand what these numbers mean to our local markets we are now including the number of sold comps during the past 30 days or 1 month.\u00a0 Looking at our sold numbers over the past month allows us to calculate a monthly absorption rate.\u00a0 An absorption rate tells us how many months it would take to sell off our entire inventory should we have no new listings.\u00a0 A balanced market is considered 6 months.<\/p>\n 2024 Year End Narrative As we closed out 2024, the final week of the year brought the usual mix of seasonal quiet and significant market milestones. The trifecta of holidays\u2014Christmas, Hanukkah, and Kwanzaa\u2014followed by New Year celebrations, historically represents the least active period in the market. Sellers, after seeing limited showing activity and preparing for the festivities, often pulled listings from the market or held off listing altogether in hopes of better conditions in the New Year.<\/p>\n Residential resale inventory in the 7 metro Denver counties has dropped from its peak of 10,617 homes for sale on October 16, 2024 to 6,723 as of December 31, 2024 marking a decline of 37%.<\/p>\n What makes December 31st at midnight remarkable is not just that we get to put 2024 behind us and we all start back at zero, but also this day historically represents the single highest day of the year for listings to expire. This year was no exception and on the final day of 2024, 829 units expired.<\/p>\n 2024 Saw a notably higher level of expired listings on the last day of the year, nearly double the amount recorded in 2022 and in 2023. The rise in expired listings this year likely due to the elevated amount of inventory we have reported since April of 2024, with more inventory and the buyer pool continuing to be lower for the third year in a row it\u2019s not shocking that we had more listings expire.<\/p>\n Diving deeper into expired listings, looking back at the number of expired listings in Q4 of 2023 in the 7 metro counties there were 2,874 units that were pulled off the market. Out of curiosity, I wanted to see how many of those expired listings were relisted in hopes better market conditions to sell in Q1 of 2024 and surprisingly only 274, or slightly less than 10%, of the previous quarter\u2019s expired listings were relisted. I\u2019ll be digging deeper into expired data over the next few weeks.<\/p>\n Key Highlights of the Week<\/strong><\/p>\n Inventory Levels<\/strong> Market Dynamics<\/strong> Odds of Selling in the Next 30 Days<\/strong> Showing Activity<\/strong> Price Reductions<\/strong> Looking Ahead to 2025<\/strong><\/p>\n As we reflect on the final week of 2024, we are reminded of the opportunities that come with a new year. Thank you for making 2024 a year of growth and learning in the metro Denver real estate market. We remain committed to providing the data and insights you need to keep your clients informed and successful in their transactions.<\/p>\n Special thanks to Megan Aller with First American Title for the market stats\/narrative.<\/em><\/strong><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Market Fun Facts (12\/05\/24): The Holidays are officially underway!\u00a0 What affect will this have on our real estate market as we enter into the final month of 2024?\u00a0 To answer this question NeXstep continues to monitor inventory levels across the 6 County Denver Metro. For the the second time in the past two months we see a decrease in inventory levels; active listings are down by -1718 listing for a total of 8375 active homes for sale.\u00a0 This is the first time in 3 months that we have dropped below the 10K inventory levels.\u00a0 Sold homes had a decrease in sales; down by -477 sales for a total of 2984 sold units.\u00a0<\/p>\n","protected":false},"author":7,"featured_media":3357,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"sfsi_plus_gutenberg_text_before_share":"","sfsi_plus_gutenberg_show_text_before_share":"","sfsi_plus_gutenberg_icon_type":"","sfsi_plus_gutenberg_icon_alignemt":"","sfsi_plus_gutenburg_max_per_row":"","footnotes":""},"categories":[47,45,159,48,46,34,53,51],"tags":[66,88,77,72,67],"class_list":["post-4227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bradley-gustafson","category-carolyn-erickson","category-clint-sales-news","category-derek-lis","category-gaylor-geller","category-news","category-paula-vogel","category-ryan-sondrup","tag-denver-real-estate","tag-for-sale","tag-market-stats","tag-nexstep","tag-ryan-sondrup"],"yoast_head":"\n\n\n
\n County<\/strong><\/td>\n Sold<\/strong><\/td>\n Active<\/strong><\/td>\n Absorption Rate<\/strong><\/td>\n<\/tr>\n \n Adams<\/td>\n 533<\/td>\n 1288<\/td>\n 2.42<\/td>\n<\/tr>\n \n Arapahoe<\/td>\n 592<\/td>\n 1433<\/td>\n 2.42<\/td>\n<\/tr>\n \n Broomfield<\/td>\n 77<\/td>\n 148<\/td>\n 1.92<\/td>\n<\/tr>\n \n Denver<\/td>\n 660<\/td>\n 1729<\/td>\n 2.62<\/td>\n<\/tr>\n \n Douglas<\/td>\n 464<\/td>\n 1,048<\/td>\n 2.26<\/td>\n<\/tr>\n \n Jefferson<\/td>\n 544<\/td>\n 955<\/td>\n 1.76<\/td>\n<\/tr>\n \n Total<\/strong><\/td>\n 2,870<\/td>\n 6,601<\/td>\n 2.23<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
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\nInventory continued its seasonal decline, with fewer active listings week over week. However, year-over-year inventory remains significantly higher compared to the same week in 2023. While fewer homes were added to the market, the elevated overall supply combined with slower buyer activity underscores a challenging environment for sellers.<\/p>\n
\nNew listings and \u201ccoming soon\u201d properties declined sharply, both week over week and year over year. Pending transactions also saw a notable drop, contributing to an increase in the predictive month\u2019s supply of inventory. This growth highlights the ongoing imbalance between supply and demand, a trend that has persisted throughout 2024.<\/p>\n
\nThe Odds of Selling dipped to one of their lowest levels of the year, reflecting the seasonal slowdown. Historically, December\u2019s Odds of Selling have hovered around 49.2% in previous market cycles, but current levels remain well below those benchmarks.<\/p>\n
\nShowings also declined, both on a weekly and yearly basis, with an average of just under one showing per property. For homes that went under contract, it took a median of 19 showings over 60 days, a timeline significantly longer than in previous years.<\/p>\n
\nThe rate of price reductions continued to rise slightly, with more than half of the homes going under contract having undergone at least one price adjustment. The average size of these reductions grew, signaling that sellers are increasingly willing to negotiate to meet buyer expectations.<\/p>\n