Inventory Update for the Week of May 10th 2023.

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

There are 4,610 Denver area homes available for sale this week, up 5.52 percent from last week. 39.7 percent of those for sale have reduced price and have spent an average of 87 days in the MLS compared to 41 days from homes without.

The percentage of listings with a price reduction increased to 39.7 percent from 37.3 percent last week. For some added context, the week of November 9^th, 2022, 58.4 percent of the active inventory had a price reduction, and the percentage has been slowly dropping. Prior to the market downturn and about the same time last year only 19.6 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 59 days. The trend is positive, but we still have a way to go to match last year’s 29 days.