Inventory Update for the Week of July 19th 2023.

A look at Unsold Homes with an MLS status of Active.

There are 6,158 Denver area homes available for sale this week, up 3.17 percent from last week. 44.1 percent of those for sale have reduced price and have spent an average of 79 days in the MLS compared to 42 days from homes without.

The percentage of listings with a price reduction remained unchanged from last week. For some added context, we started the year when 51.2 percent of the active inventory had a price reduction. Prior to the market downturn and about the same time last year only 34.0 percent of the inventory had a price reduction.    

Days in MLS have been dropping too. At the start of 2023 the average days in MLS, for the active inventory, peaked at 83 days. This week that number is 58 days. The trend is positive, but we still have a way to go to match last year’s 31 days.