Happy New Year! Welcome to 2023.

2022 in Review - The year started with the active inventory at 2,054 homes, the lowest level to start a year since we began tracking in 2009. As rates rapidly rose in April, inventory grew to a peak of 8,496 homes for sale in September, an increase of 313% over January.  From September through year-end, the number of homes available decreased, ending the year at 4,454 homes on the market.  Low inventory continues, not because of high demand, but due to many homeowners with rates below 4% opting to "hunker down."

Supply - Active Listings

Active listings were up 88% when compared to last year and down 29% when compared to last month. Sellers traditionally take their homes off the market for the holiday season. 

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November saw decreases across all market data points compared to last month, with the only increase being days on market. Prices, active listings, new listings, and pending sales all saw significant declines. Average days on market jumped 17.9% to 33 days when viewed month-over-month. Also, the percentage closed price to list price dropped 0.4% to 98.4% - the lowest it has been in 4 years. As has been the case the last few months, seasonality and mortgage rates continue to have a hand in shaping the market.

Percent of Closed Price to List Price 

This data point saw a continued drop and was down 0.4% when compared to last month. This data point is the lowest we have seen in 4 years.

Supply - Active Listings

Active inventory was up 72.8%…

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Both seasonality and increasing interest rates played a role in the Greater Metro Denver housing market in October. Buyers continued to have an upper hand - when compared to the prior two years - with more days on market and a decreased percent closed price to list price, as well as more inventory. In fact, months supply of listings was up 88.9% when compared to last year at this time.

Percent of Closed Price to List Price

This data point saw a continued drop and was down 0.1% when compared to last month. This data point is the lowest we have seen in 4 years.

Supply - Active Listings

Active inventory was up 60.2% year-over-year and down 10.1% compared to last month. 

New Listings

New listings…

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October 2022 Denver Market Update

Homebuyers and sellers in September continued to adjust to the market reset. The market adjustment brought increased inventory for home shoppers and a slight increase in homeowners eager to sell despite further softening in pending home sales. In fact, active listings were up 42.4% when compared to last year at this time. Days on market increased to 26 days on average. And, as is typical, seasonality likely played a role in shaping September numbers.

Home prices remained high, with the average single-family closed price up 0.9% when compared to last month and up 8.5% year-over-year. When viewing the single-family closed median price, we saw a 9.6% increase year-over-year.

Percent of Closed Price to List…

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September 2022 Denver Market Update

Greater Metro Denver saw more of a balanced market in August as buyers had more options compared to last year and increased time to ponder their home buying choices. Other indicators of a return to more "normal" levels include that the closed-price-to-list-price is down, prices dropped slightly, and days on the market increased. The month's supply of listings for August was at 2020 levels.

Prices remained high at $739,089 on average for a single-family home but came down 4.7% when compared to last month. For reference, the all-time high was set in April of 2022 at $819,253. 

Percent of Closed Price to List Price

This data point saw a significant drop when compared to last month and indicates a move…

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August 2022 Denver Market Update

As anticipated, given the increase in mortgage rates and recent economic news, July saw a bump up in active inventory, a drop in pending listings and an increase in days on market. Prices decreased when viewed month-over-month but were still high when viewed historically, with the median sales price at $650,000 for July.

These data points indicate that now might be a good time for buyers to make a move if they have been holding out. While July does tend to slow down in real estate, anecdotally, we hear that another contributor to slowing demand was an uptick in vacations this July versus last year at this time.

Supply - Active Listings

Continued good news for patient…

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July 2022 Denver Market Update

June data indicated that the Greater Metro Denver market is returning to more "normal" levels across inventory, percent closed to list price, and days on market. Pricing was still very high when viewed historically with the median sales price at $666,963 for June - while this is only a 0.1% increase when compared to last month it is an 11.2% increase when viewed YoY.

Active listings came onto the market, indicating that sellers still seek to profit from the recent buying frenzy. But, demand is down when compared to May 2022, and days on market continued to increase.

Supply - Active Listings

Continued good news for buyers is that active listings increased 44.2% when compared to…

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Fireworks are back this year in full force, and we can't wait! This year it will be extra awesome with several fireworks shows all across the Denver metro area (and Front range). With the 4th falling on a Monday this year, we've all weekend to enjoy BBQs, family, friends, and FIREWORKS! Go America!

With the holiday falling on a Monday this year, most of the more giant fireworks shows will be on Monday the 4th! Some trends to note this year, some shows have been canceled due to fire danger, so make sure to reference your favorite show to ensure they will have real fireworks. Some communities have gotten creative, replacing fireworks with laser shows (Winter Park) or LED drones (Vail). Most of these events start in the morning.

We've listed every…

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June 2022 Denver Market Update: 

May numbers indicate a slight cooldown of the red hot Greater Metro Denver market. The average close price was up when looking at year-over-year but dropped 2.1% when compared to April. The median sales price landed at $668,000 for May - a 1.6% decrease when compared to April.

Demand remains robust with pending listings up 12.9% when compared to April, further underscoring that Metro Denver remains a desirable place to live. And, buyers are likely feeling some (slight) relief with average days in MLS ticking up 12.5% when compared to last month to 9 days.

Key highlights for May are below.

Supply - Active Listings

Active listings are just above 2021 levels but did see a decrease of 3.5% when compared to…

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May 2022 Denver Market Update: 

April saw the average sales price increase to $820,740 and the median sales price jumped to $680,000. Buyers felt relief with an influx of new listings - April saw a jump of 13.2% in new inventory compared to March.

Demand remained high and at the same level as 2019 and 2021, but homes are moving very quickly with just 8 days on market, on average.

Anecdotally, we hear that competition remains fierce with multiple offers. We will continue to keep an eye on interest rates as we progress into May and the summer.

Supply - Active Listings

Active listings saw an increase to 2,960 - a 29.4% increase over March. While a relief for buyers, this number is still down as compared to the previous 3 years.

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