DSF 1.2% 4.8% 21.9% % OVER ASKING OF MULTIPLE OFFERS BY ZIP CODE The % over asking price by zip code shows the strength of offers being written on the west side of I-25 and also near the Denver Tech Center. Overall, the market is competitive across the board.
.PRICE REDUCTIONS
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Metric 1/1/2008 Greater Metro Denver Detached Residential Price Reductions 5/1/2008 Current 9/1/2008 MOM 1/1/2009 YOY 5/1/2009 9/1/2009 No Change 1/1/2010 5/1/2010 77.4% 9/1/2010 -5.4% 1/1/2011 7.4% 5/1/2011 9/1/2011 Increase 1/1/2012 No Change 5/1/2012 3.2% 9/1/2012 0.1% 1/1/2013 0.7% 5/1/2013 9/1/2013 Decrease 1/1/2014 5/1/2014 19.4% 9/1/2014 -0.2% 1/1/2015 -1.0% 5/1/2015 9/1/2015 1/1/2016 Increase 5/1/2016 9/1/2016 Decrease 1/1/2017 5/1/2017 DSF 9/1/2017 1/1/2018 5/1/2018 9/1/2018 1/1/2019 5/1/2019 9/1/2019 1/1/2020 5/1/2020 9/1/2020 1/1/2021 5/1/2021 9/1/2021 % OF UNITS REDUCED HISTORIC
Greater Metro Denver Single Family Detached Average 2013-2019 DSF 2021 Units with Price Reductions Baseline as compared to Pre and Post COVID-19 2020 37.2% 39.3% 40.8% 34.2% 36.3% AMOUNT REDUCED BASELINE 29.5% 30.0% 19.4% 24.4% 20.7% 23.2% 22.6% 22.0% 20.9% 21.2% 22.8% 19.4% 17.0% 20.3% 24.4% 24.2% 14.9% 14.8% 14.7% 19.8% 25.0% 20.8% 12.3% 8.6% 8.0% 6.0% 10.5% 6.7% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec The equation of low of inventory plus a large pool of buyers price reductions are far below previous years. This graph shows how many units made a price reduction from the original list price to the day they were placed in the pending status. It does not reflect additional negotiation for the period from being place under contract to the closing date.
Greater Metro Denver Single Family Detached DSF Price Changes by Price Range September 2021 Decrease Increase No Change 75.0% 5.0M+ 25.0% 4.0-5.0M 100.0% 3.0-4.0M 6.3% 62.5% AMOUNT REDUCED BY PRICE RANGE 2.0-3.0M 30.4% 4.3% 65.2% 1.5-2.0M 12.3% 1.4% 86.3% 1-1.5M 15.7% 1.8% 82.5% 800-999K 21.2% 2.8% 75.9% 600-799K 22.8% 3.5% 73.7% 400-599K 18.2% 3.5% 78.4% 200-399K 15.3% 1.4% 83.3% 0-199K 50.0% 50.0% All Prices 19.4% 3.2% 77.4% Single Family Detached homes with price reductions remains at historic lows at all price points in Greater Metro Denver.
DSF ASF 40.0% 18.4% 2.4% AMOUNT REDUCED BY ZIP CODE When viewing the number of homes that made price reductions, only a few areas creeped around ¼ of properties electing to reduce their price.
0.0% Greater Metro Denver Detached Residential Average Price Reduction from Original Price -2.0% -4.0% -6.0% -8.0% -10.0% -12.0% -14.0% Metric 1/1/2008 4/1/2008 Current 7/1/2008 MOM 10/1/2008 YOY 1/1/2009 4/1/2009 Average Price 7/1/2009 Reduction 10/1/2009 1/1/2010 -5.3% 4/1/2010 -0.2% 7/1/2010 -1.0% 10/1/2010 1/1/2011 4/1/2011 DSF 7/1/2011 10/1/2011 1/1/2012 4/1/2012 7/1/2012 10/1/2012 1/1/2013 4/1/2013 7/1/2013 10/1/2013 1/1/2014 4/1/2014 7/1/2014 10/1/2014 1/1/2015 4/1/2015 7/1/2015 10/1/2015 1/1/2016 4/1/2016 7/1/2016 10/1/2016 1/1/2017 4/1/2017 7/1/2017 10/1/2017 1/1/2018 4/1/2018 7/1/2018 10/1/2018 1/1/2019 4/1/2019 7/1/2019 10/1/2019 1/1/2020 4/1/2020 7/1/2020 10/1/2020 1/1/2021 4/1/2021 7/1/2021 AMOUNT OF PRICE REDUCTIONS HISTORIC
Greater Metro Denver Single Family Detached Average 2013-2019 DSF 2021 Average Price Reduction from Original Price Baseline as compared to Pre and Post COVID-19 2020 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec -4.8% % OF REDUCTIONS BY PRICE RANGE -4.8% -5.3% -4.4% -5.9% -5.3% -4.6% -5.1% -5.3% -5.5% -5.4% -5.3% -5.0% -4.8% -4.7% -4.7% -5.0% -5.1% -5.2% -5.3% -5.3% -3.1% -4.5% -4.2% -4.2% -4.3% -4.0% -4.2% -4.3% -4.4% -4.2% -4.4% -5.2% How price reductions report in a competitive market is counter intuitive. In a very strong seller’s market price reductions may be less frequent but they tend to be larger to recoup the buyer pool and hopefully entice them into taking a second look.
Greater Metro Denver Single Family Detached DSF Average Price Reduction from Original List Price by Price Range September 2021 All Prices 0-199K 200-399K 400-599K 600-799K 800-999K 1-1.5M 1.5-2.0M 2.0-3.0M 3.0-4.0M 4.0-5.0M 5.0M+ -4.7% -4.5% % OF PRICE REDUCTIONS BY PRICE RANGE -5.3% -5.7% -6.9% -7.1% -9.2% -10.8% -10.8% -13.3% -16.2% The way price reductions report in a competitive market is counter intuitive. In a very strong seller’s market price reductions may be less frequent, but they tend to be larger to recoup the buyer pool and hopefully entice them into taking a second look.
DSF ASF -18.6% -5.2% -2.1% SIZE OF PRICE REDUCTIONS BY ZIP CODE The most competitive areas when reviewing the size of price reductions shows the northeast portion of Metro Denver to be the most competitive.
DISTRESSED TRANSACTIONS.
0.0% 10.0% 20.0% 30.0% 40.0% 50.0% Greater Metro Denver Detached Residential Distressed Sales Metric 1/1/2008 60.0% 5/1/2008 Current 9/1/2008 MOM 1/1/2009 YOY 5/1/2009 9/1/2009 Short Sale 1/1/2010 5/1/2010 0.1% 9/1/2010 0.0% 1/1/2011 0.0% 5/1/2011 9/1/2011 Bank 1/1/2012 5/1/2012 0.0% 9/1/2012 0.0% 1/1/2013 0.0% 5/1/2013 9/1/2013 HUD 1/1/2014 % Government % Bank % Short Sale 5/1/2014 0.1% 9/1/2014 0.0% 1/1/2015 -0.1% 5/1/2015 9/1/2015 1/1/2016 DSF 5/1/2016 9/1/2016 1/1/2017 5/1/2017 9/1/2017 1/1/2018 5/1/2018 9/1/2018 1/1/2019 5/1/2019 9/1/2019 1/1/2020 5/1/2020 9/1/2020 1/1/2021 5/1/2021 9/1/2021 DISTRESSED TRANSACTIONS
ZIP CODE INDEX .
Index DSF ASF Zip Code Avg Sold Price Avg DOM % of Balance MSI Odds of Sale % Close/List % UC 7 Days % Reduced Amt Reduced % of Listings Sold Average % Sold Over Asking Price Amount Over Asking Price Metro Denver $613,497 13 10.2% 0.63 73.6% 101.9% 61.6% 18.4% -5.2% 55.2% 4.8% 80002 $574,157 9 10.5% 0.61 73.1% 102.4% 72.7% 11.4% -5.1% 54.5% 5.0% 80003 $483,206 8 9.6% 0.63 76.5% 102.8% 64.7% 25.0% -4.8% 66.2% 4.9% 80004 $558,163 11 13.8% 0.74 70.5% 102.0% 68.1% 18.1% -5.8% 59.7% 4.4% 80005 $606,601 8 11.4% 0.67 73.6% 102.5% 62.2% 20.0% -5.9% 64.4% 5.1% 80007 $799,855 13 10.9% 0.64 75.6% 101.0% 45.5% 12.1% -4.0% 45.5% 5.1% 80010 $376,400 9 9.1% 0.60 70.0% 101.3% 65.0% 20.0% -4.5% 62.5% 4.0% 80011 $357,860 7 6.0% 0.44 81.5% 101.7% 71.4% 12.7% -4.6% 61.9% 4.0% 80012 $350,428 9 7.2% 0.35 78.2% 102.3% 58.1% 9.7% -4.4% 66.7% 4.1% 80013 $454,959 8 6.1% 0.31 78.9% 103.6% 78.5% 9.9% -3.6% 72.1% 5.2% 80014 $382,111 12 6.2% 0.55 78.8% 101.6% 58.7% 22.7% -3.8% 52.0% 4.2% 80015 $493,162 9 6.2% 0.33 82.8% 102.4% 73.0% 16.3% -4.2% 68.1% 4.2%
Index DSF ASF Zip Code Avg Sold Price Avg DOM % of Balance MSI Odds of Sale % Close/List % UC 7 Days % Reduced Amt Reduced % of Listings Sold Average % Sold Over Asking Price Amount Over Asking Price Metro Denver $613,497 13 10.2% 0.63 73.6% 101.9% 61.6% 18.4% -5.2% 55.2% 4.8% 80016 $703,719 13 9.6% 0.60 75.2% 101.2% 54.8% 20.2% -3.9% 49.2% 4.0% 80017 $378,875 9 9.4% 0.38 79.1% 104.2% 74.2% 9.7% -3.4% 73.1% 5.9% 80018 $523,404 16 9.8% 0.65 74.3% 101.4% 49.0% 19.6% -3.8% 54.9% 3.6% 80019 $527,275 13 30.8% 1.20 56.9% 102.5% 60.0% 15.0% -4.4% 70.0% 4.0% 80020 $550,618 11 7.6% 0.37 82.2% 102.3% 64.6% 13.4% -5.2% 61.0% 4.7% 80021 $527,472 12 8.0% 0.39 81.0% 101.2% 58.9% 19.6% -4.3% 44.6% 4.6% 80022 $497,991 18 7.7% 0.54 79.9% 102.5% 63.0% 16.7% -5.5% 62.0% 4.8% 80023 $767,643 9 18.1% 0.81 64.6% 101.9% 66.7% 12.5% -5.4% 52.1% 4.9% 80030 $403,756 14 4.9% 0.44 81.6% 100.9% 37.5% 37.5% -8.6% 56.3% 2.6% 80031 $515,080 8 8.1% 0.60 75.7% 102.5% 71.7% 15.0% -4.7% 50.0% 6.1% 80033 $563,070 15 13.9% 0.89 67.4% 101.3% 55.6% 24.4% -3.2% 46.7% 4.9%
Index DSF ASF Zip Code Avg Sold Price Avg DOM % of Balance MSI Odds of Sale % Close/List % UC 7 Days % Reduced Amt Reduced % of Listings Sold Average % Sold Over Asking Price Amount Over Asking Price Metro Denver $613,497 13 10.2% 0.63 73.6% 101.9% 61.6% 18.4% -5.2% 55.2% 4.8% 80102 $584,174 10 25.0% 1.75 51.0% 100.6% 58.3% 8.3% -18.6% 66.7% 1.8% 80104 $582,056 15 10.0% 0.51 76.8% 101.7% 52.5% 17.8% -4.7% 57.6% 3.6% 80106 80107 $813,738 18 18.9% 1.52 59.7% 102.1% 54.5% 30.3% -8.8% 60.6% 4.8% 80108 $994,795 19 16.2% 0.97 65.0% 100.9% 50.0% 28.2% -4.5% 39.7% 4.5% 80109 $631,290 14 9.4% 0.47 77.7% 101.6% 54.5% 23.6% -4.1% 45.5% 4.6% 80110 $470,348 12 16.0% 0.73 69.0% 101.9% 66.7% 27.3% -5.1% 57.6% 5.2% 80111 $865,269 12 9.8% 0.69 73.3% 102.6% 66.7% 25.6% -5.1% 59.0% 6.0% 80112 $567,382 13 4.8% 0.25 85.6% 101.9% 65.1% 15.9% -4.8% 46.0% 5.3% 80113 $989,528 26 9.5% 0.38 79.3% 100.0% 45.5% 20.0% -7.5% 29.1% 4.1% 80116
Index DSF ASF Zip Code Avg Sold Price Avg DOM % of Balance MSI Odds of Sale % Close/List % UC 7 Days % Reduced Amt Reduced % of Listings Sold Average % Sold Over Asking Price Amount Over Asking Price Metro Denver $613,497 13 10.2% 0.63 73.6% 101.9% 61.6% 18.4% -5.2% 55.2% 4.8% 80117 80118 $994,365 40 14.8% 0.94 66.0% 101.1% 64.7% 17.6% -18.1% 47.1% 4.6% 80120 $629,890 15 10.0% 0.42 78.0% 104.0% 64.0% 24.0% -8.4% 68.0% 6.9% 80121 $1,243,419 16 11.5% 0.48 77.2% 101.2% 61.9% 19.0% -4.5% 42.9% 6.1% 80122 $547,996 8 6.6% 0.41 80.9% 101.8% 73.2% 10.7% -3.7% 62.5% 3.6% 80123 $622,985 12 7.5% 0.47 80.1% 101.7% 65.3% 22.7% -3.9% 54.7% 5.1% 80124 $854,979 16 11.9% 0.71 71.8% 101.1% 46.4% 28.6% -3.7% 50.0% 3.9% 80125 $829,292 18 17.0% 1.29 62.7% 100.7% 42.9% 25.7% -8.0% 31.4% 6.6% 80126 $715,961 11 3.0% 0.18 89.8% 102.2% 60.0% 17.5% -4.6% 58.8% 4.8% 80127 $708,676 11 10.7% 0.82 71.2% 102.3% 64.5% 10.5% -3.8% 56.6% 5.1% 80128 $538,105 10 5.4% 0.32 82.9% 102.3% 64.5% 22.4% -4.5% 56.6% 5.1%
Index DSF ASF Zip Code Avg Sold Price Avg DOM % of Balance MSI Odds of Sale % Close/List % UC 7 Days % Reduced Amt Reduced % of Listings Sold Average % Sold Over Asking Price Amount Over Asking Price Metro Denver $613,497 13 10.2% 0.63 73.6% 101.9% 61.6% 18.4% -5.2% 55.2% 4.8% 80129 $675,772 8 4.3% 0.21 88.9% 102.5% 72.4% 13.8% -4.3% 65.5% 4.2% 80130 $668,313 8 8.1% 0.44 81.1% 102.9% 73.3% 15.6% -5.3% 68.9% 4.6% 80134 $674,851 11 10.5% 0.54 76.0% 101.6% 63.9% 15.4% -4.4% 50.9% 4.2% 80135 80138 $778,659 23 12.2% 0.71 71.9% 101.0% 55.4% 26.2% -4.9% 50.8% 4.9% 80202 $924,371 43 42.5% 2.95 39.4% 97.2% 22.7% 31.8% -4.7% 6.8% 1.2% 80203 $488,642 22 14.4% 1.25 63.3% 99.3% 44.4% 25.0% -6.2% 16.7% 3.1% 80204 $634,123 21 15.5% 0.82 65.3% 101.8% 60.2% 10.8% -4.7% 37.3% 6.4% 80205 $634,205 17 12.1% 0.81 66.3% 100.8% 58.5% 22.6% -4.3% 50.9% 3.0% 80206 $944,826 12 20.8% 1.43 56.9% 102.7% 63.0% 23.9% -4.7% 60.9% 5.3% 80207 $629,327 12 15.6% 0.68 69.1% 102.4% 59.1% 29.5% -6.3% 45.5% 8.4%
Index DSF ASF Zip Code Avg Sold Price Avg DOM % of Balance MSI Odds of Sale % Close/List % UC 7 Days % Reduced Amt Reduced % of Listings Sold Average % Sold Over Asking Price Amount Over Asking Price Metro Denver $613,497 13 10.2% 0.63 73.6% 101.9% 61.6% 18.4% -5.2% 55.2% 4.8% 80209 $1,170,513 14 15.3% 1.21 59.2% 103.2% 59.6% 17.0% -7.5% 46.8% 8.7% 80210 $1,114,999 18 14.8% 0.99 65.3% 102.0% 58.1% 23.0% -7.1% 56.8% 5.5% 80211 $772,403 13 9.2% 0.53 74.3% 102.1% 66.7% 17.7% -4.7% 44.8% 6.5% 80212 $798,648 13 7.5% 0.44 78.0% 101.5% 51.9% 19.2% -7.8% 50.0% 4.8% 80214 $508,889 12 9.1% 0.56 76.3% 103.1% 58.1% 20.9% -3.2% 62.8% 5.7% 80215 $628,050 13 7.4% 0.54 77.5% 100.5% 60.7% 25.0% -4.5% 42.9% 3.3% 80216 $370,897 27 3.0% 0.18 89.8% 114.2% 50.0% 16.7% -12.7% 66.7% 21.9% 80218 $596,033 19 14.7% 1.18 62.2% 99.9% 52.6% 26.3% -5.3% 36.8% 4.3% 80219 $441,736 8 8.2% 0.62 76.5% 103.1% 70.6% 17.6% -6.5% 63.2% 5.5% 80220 $762,310 19 9.4% 0.72 70.8% 100.2% 48.5% 20.6% -5.5% 32.4% 4.7% 80221 $468,175 11 10.0% 0.96 72.3% 101.7% 62.5% 18.8% -3.2% 60.4% 5.0%
Index DSF ASF Zip Code Avg Sold Price Avg DOM % of Balance MSI Odds of Sale % Close/List % UC 7 Days % Reduced Amt Reduced % of Listings Sold Average % Sold Over Asking Price Amount Over Asking Price Metro Denver $613,497 13 10.2% 0.63 73.6% 101.9% 61.6% 18.4% -5.2% 55.2% 4.8% 80222 $569,441 10 11.4% 1.03 69.5% 100.2% 55.2% 10.3% -2.6% 41.4% 4.2% 80223 $547,493 21 12.7% 0.76 69.4% 101.4% 50.0% 23.5% -4.8% 52.9% 4.0% 80224 $529,287 14 10.6% 0.90 69.9% 102.4% 47.6% 23.8% -5.1% 52.4% 7.3% 80226 $474,419 13 11.4% 0.78 69.6% 103.8% 71.1% 20.0% -5.6% 68.9% 6.7% 80227 $471,973 20 7.1% 0.50 79.4% 102.0% 57.6% 25.8% -3.9% 63.6% 4.0% 80228 $590,215 8 7.6% 0.43 79.9% 101.8% 72.5% 13.0% -5.9% 60.9% 4.1% 80229 $387,147 12 5.3% 0.35 83.9% 103.4% 65.8% 8.9% -7.7% 68.4% 5.3% 80230 80231 $482,023 15 9.7% 0.50 76.2% 100.6% 56.0% 16.0% -5.7% 50.0% 3.8% 80232 $497,422 12 9.5% 0.64 74.5% 102.4% 51.5% 18.2% -4.5% 69.7% 3.6% 80233 $459,382 7 7.7% 0.58 78.0% 103.2% 74.5% 9.1% -2.8% 69.1% 5.2%
Index DSF ASF Zip Code Avg Sold Price Avg DOM % of Balance MSI Odds of Sale % Close/List % UC 7 Days % Reduced Amt Reduced % of Listings Sold Average % Sold Over Asking Price Amount Over Asking Price Metro Denver $613,497 13 10.2% 0.63 73.6% 101.9% 61.6% 18.4% -5.2% 55.2% 4.8% 80234 $537,936 12 10.0% 0.46 77.9% 102.4% 58.7% 21.7% -4.0% 63.0% 4.9% 80235 $716,333 9 6.4% 0.24 82.9% 104.4% 71.4% 9.5% -3.2% 61.9% 7.5% 80236 $518,647 11 11.3% 1.00 70.0% 102.4% 47.1% 29.4% -7.2% 52.9% 5.0% 80237 $511,050 15 13.5% 1.11 63.8% 100.1% 51.4% 17.1% -3.7% 31.4% 3.3% 80238 $671,161 13 7.2% 0.61 78.0% 101.2% 65.9% 17.1% -3.8% 43.9% 3.2% 80239 $426,854 4 2.6% 0.20 89.4% 101.7% 80.5% 2.4% -4.2% 68.3% 4.9% 80241 $480,114 9 7.0% 0.44 81.2% 102.6% 72.1% 18.0% -5.7% 63.9% 4.6% 80246 $589,458 15 6.5% 0.47 80.5% 102.8% 46.7% 40.0% -5.4% 60.0% 4.7% 80247 $312,367 12 7.6% 0.59 77.4% 101.1% 61.2% 22.4% -5.5% 46.9% 3.5% 80249 $486,743 8 6.3% 0.40 78.1% 101.5% 73.7% 12.3% -2.5% 70.2% 3.0% 80260 $346,326 10 9.0% 0.38 80.8% 102.7% 64.9% 5.4% -5.2% 54.1% 5.7%
Index DSF ASF Zip Code Avg Sold Price Avg DOM % of Balance MSI Odds of Sale % Close/List % UC 7 Days % Reduced Amt Reduced % of Listings Sold Average % Sold Over Asking Price Amount Over Asking Price Metro Denver $613,497 13 10.2% 0.63 73.6% 101.9% 61.6% 18.4% -5.2% 55.2% 4.8% 80401 $868,685 12 16.0% 0.71 68.3% 101.3% 58.7% 27.0% -6.9% 47.6% 5.5% 80403 $835,096 12 11.3% 0.84 69.1% 102.0% 56.0% 28.0% -6.8% 40.0% 6.2% 80433 $738,414 14 7.1% 0.42 82.5% 101.7% 55.8% 25.6% -7.6% 46.5% 6.0% 80439 $1,089,467 32 13.0% 0.85 67.6% 101.2% 56.5% 21.7% -6.3% 50.0% 6.1% 80454 80457 80465 $631,123 9 8.3% 0.60 77.8% 104.4% 71.4% 11.4% -2.1% 68.6% 6.9% 80470 80601 $478,491 10 11.5% 0.73 71.1% 101.9% 63.0% 15.1% -6.3% 65.8% 3.3% 80602 $613,945 12 9.3% 0.67 75.7% 101.9% 56.1% 28.0% -5.9% 64.6% 3.5% 80603 $526,020 13 8.3% 0.70 77.4% 102.6% 80.0% 10.0% -9.8% 70.0% 4.4%
Index DSF ASF Zip Code Avg Sold Price Avg DOM % of Balance MSI Odds of Sale % Close/List % UC 7 Days % Reduced Amt Reduced % of Listings Sold Average % Sold 0.63 Over Asking Price Amount Over 0.46 Asking Price Metro Denver $613,497 13 10.2% 73.6% 101.9% 61.6% 18.4% -5.2% 55.2% 4.8% 80604 $491,180 16 7.0% 82.0% 101.3% 54.3% 22.9% -3.8% 51.4% 3.3%
TERMS, DEFINITIONS AND CALCULATIONS .
Terms, Definitions and Calculations Target Listing Based upon the sale date of the property, backing out the average time from the date the property is listed until it is placed under contract and the time the property spends from the date it is placed Month under contract until the closing date. This is used to determine the date that sellers need to list in order to hit their goal closing month. Target Sold Month Almost all metrics in this table are based off properties that close, so the data presented in each cell is based off properties that closed in that month. Active Count This is the number of units currently for sale in the 7 Metro County Region on a specific date, the 4th of each month. Essentially, if a buyer were to go out and see every property for sale on a given date this is how many homes they would have to choose from. Sellers have a larger advantage when lower counts of homes are for sale, when supply is short buyers are more likely to have to compete against each other which drives prices up. Pending Count This is the number of total units placed under contract where a buyer and seller mutually agree to terms of a negotiated contract. When this count is higher it is more favorable for sellers, the larger the potential pool of buyers the more likely a home is to sell. Closed Count This is the number of total units closed, or successful transactions resulting from a buyer and seller mutually agreeing and fully executing the terms of a real estate contract. Same as under contract, sellers have a larger advantage when this count is higher to sell their house. Expired Count Expired Count represents homes where the listing contract has past it's expiration date and are no longer marketed for sale. If the expired count rises this is unfavorable for the seller as fewer homes are receiving offers and allows for the buyer to have more negotiating power. If this number is low, more homes are selling which favors the seller. The Odds of Selling is a ratio of homes for sale in each month, those that went under contract and closed vs those that remained in the market and did not sell in that same month. Since this is a direct Odds of Selling ratio of the buyers and sellers in a market, the higher this number is the more likely it is that a home will sell, which is advantageous to the seller. If this number is lower, that means that buyers will have more negotiating power and be less likely to compete against multiple offers. % of Close/List The percent of asking price received by the seller from the closed transaction. If this number is over 100% it means that multiple offers are likely at this time of year, due to lower listing counts and more buyers writing contracts. This number is typically highest in the late spring-early summer months as a result of multiple offers due to low supply and more buyer activity. Avg DOM Average Days on Market is the average length of time it takes from the date the property is listed until the property receives a contract for purchase from a buyer. Shorter days on market favor the seller, while longer days on market favor the buyer. If homes are selling very quickly this is also an indication of more buyer activity- days on market are at their shortest for homes closing in April, May and June- as a result of homes being listed in March, April and May. Med DOM Median Days on Market is the time measured in days at which point 50% of the properties for sale have gone under contract. Same as above- but using median days on market rather than average. % U/C 7 Days or The percentage of units in that month that went under contract withing one week of being listed. Again, the faster homes sell, the larger and more competitive the pool of potential buyers is for Less properties in Denver. The fastest months are represented by those homes listed in March, April and May. % of Reduced The percentage of all closed transactions that experienced one or more price reductions from the Original List Date until the date the property is place under contract. This metric only tracks the Listings amount the price had been reduced and not any additional negotiations once a contract has been offered or accepted. Average Price The average price reduction, or difference between the original list price and the last asking price when a property is placed under contract expressed as a % of the Original List Price. This price does Reduction not reflect how many price reductions but rather the entire amount reduced regardless if it was in one or multiple price reductions. Months of The Months of Inventory is how long it would take to sell out of the existing inventory for sale at the current rate of sales (Active/Sold). A 6-month supply of homes is a market in equilibrium where Inventory buyer and seller are on an even playing field, and typically represents when appreciation matches the rate of inflation. Denver has averaged about 4-4.5 of inventory over the last 15 years. The lower this number is the more it favors the seller. % Change Avg Sold This is the percent change in average sales price from the previous month. Price is a function of the relationship between supply and demand. If supply or homes being listed is low or going down (like Price MOM in late winter and early spring) and demand is rising, early buyer activity prices rise. The shortest supply is in the months of January, February, March and April, buyers begin to search for their home early in the year, so demand is rising. If supply is down and demand is up prices rise due to multiple offers on homes. % Change Med This is the percent change in median sales price from the previous month. Same statement as above, just using median price as the variable. Sold Price MOM This is the overall percent of distressed properties that closed, including short sales, HUD or government sales and foreclosures. When the level of distressed homes is higher, sellers are in a position % Distressed Sales to sell homes at lower prices than the value of the current loan on the house- selling for a loss. This is an indicator if a market is declining. With close to zero percent anticipated distressed sales sellers have equity in their homes so when they sell, they are profitable.
SOURCING PAGE Megan Aller First American Title Insurance Company 720-229-6641 [email protected] Title insurance license: 360158 Real estate license: FA100080623, Porchlight Real Estate Group REALTOR NRDS: 219534435 Included in this presentation include data from the following sources: This representation is based in whole or in part on content supplied by REcolorado®, Inc. REcolorado®, Inc. does not guarantee nor is it in any way responsible for its accuracy. Content maintained by REcolorado®, Inc. may not reflect all real estate activity in the market. Dates shown on graphs for timeframes included. Showing data from ShowingTime. Demographic Information from FRED. Interest Rate Data from Freddie Mac.
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