In 2011 Golden Real Estate developed a new index for measuring buyer activity. What we’ve done now for 20 straight months is to compute the percentage of unsold MLS listings by area and price range that are under contract’.
The chart below shows how the percentage of inventory under contract peaked this spring and is on the decline — but still very high, and still much higher than the same month last year. The three lines at bottom right of this chart show that, unlike in the past, buyers are no longer snapping up new listings faster than they can be put on the MLS — the main reason that the inventory of active listings kept declining month after month.
The following chart, limited to Jeffco and Denver, shows how those percentages varied by price range:
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