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    8z Market Update: 5/4 – 5/10

    Here is the weekly snapshot of key market data across the Front Range to give you a better sense of what’s happening in our market, without prognostication or conjecture. Just the facts.

    The following are critical market indicators for the Week of Monday, May 4th to Sunday, May 10th.

    Data compiled from each of the three major MLS providers on the Front Range

    New Listings: 2767 – Down less than 1% from prior week    Properties Under Contract: 2975 – Up 15% from prior week

    Properties Withdrawn: 249 – Down 17% from prior week    Properties Sold: 1344 – Down 27% from prior week

    Another week of market activity and an increase in properties under contract as the market adjusts to the easing of COVID restrictions. Closed sales were down from the prior week; not surprising since the previous week included the end of the month when closings typically surge. We are still projecting May closings to be down compared to May of last year based on the drop in properties going under contract in April due to the showing limitations.
    That said, under contracts are on the rise again which bodes well for an uptick in closings in June. The most telling sign of the market rebounding is the continued increase in showings in the past week. Showing appointments are almost equal to this same time last year.

    Again, we look forward to updating you again next week on the state of the market, or even sooner if anything changes that require a more timely update.

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