Inventory Update for the Week of November 22nd, 2023
A Look at Unsold Homes with an MLS Status of Active.
For the week of November 22nd, 6,957 properties are actively for sale. This represents a decrease of 3.78 percent from last week and 5.35 percent higher than the same week last year. 52.0 percent of homes listed for sale have lowered their asking price.
A significant area of concern is the increase in Days in MLS (DIM). This week active listings have spent an average of 75 DIM up 4.2 percent from the previous week. The same week last year active listings spent 65 DIM.
Let us now look at the difference in DIM between the listing with and without a price reduction. As stated above, the average for all listings is 75 DIM. When you look at the listings with a price reduction, the average DIM jumps to 94 days. The listings without price reductions average 54 DIM. That’s a substantial difference and further demonstrates the importance of price correctly from the start.
Note: Days in MLS (DIM) is defined as the cumulative days a home is in the Active status. Source of data: REColorado.com