If you are in the market and actively watching the new listings coming on the market, you have seen all the price reductions that follow.
Watching the market daily and recording the new listings, pending listings, price reductions, home returning to market and total active listings, you see what is truly happening in the market. We saw the "shift" in April after the interest rate increased end of March. At the end of March, we had around 2,000 listings, and within a month, it jumped to 3,000. Mid-May we saw 4,000 listings and mid-June was 5,500. Then, within a week or two, we have jumped to 6,300 listings.
The price reductions have been hovering around 30% of the total amount of listings. I do believe Sellers are still of the opinion, our market is still crazy with multiple offers, and offers WAY over list price. We are seeing that list price to sale price decrease. Of course, this varies in each area across the Denver metro area.
I do believe if you list at the fair market value, homeowners will see the best results. More than likely you will see showings and offers within the first weekend, or at least the 2nd weekend, and possibly over list. Factors that will increase the contract prices - ready to move in condition, great location and good layout.
In each neighborhood this could vary, depending on the availability of listings, and the desirability of the neighborhood.
Listing too high in today's market is not a good idea, you will be chasing the market down, and possibly seeing offers below what you would have, had you listed at a fair market value. Fair market value is determined by the SOLD homes in your neighborhood - NOT 3rd party sites.