August 2023: Denver Real Estate Market Update

The real estate market experienced declines in new listings, active listings, and pending sales, both on a monthly and yearly basis. These declines can be attributed to the ongoing trend of cautiousness among buyers and sellers due to the increase in interest rates. We hear that the primary reasons for selling right now are the 5 D's; Death, Divorce, Diplomas, Diapers, or Debt.

As for single-family property prices, they showed a slight year-over-year increase. However, they experienced a drop of 2.2% when compared to the previous month (June's price was $795,750).

New Listings

Homeowners continued to "hunker down" and were less willing to list their homes for sale due to their current low fixed-rate mortgage.

Below is a chart showcasing July new listings from 2009 to date. Note that July 2023 listings are on-track with what we saw in 2009, 2011 and 2012.

Supply - Active Listings

Active listings decreased 1.8% when viewed month-over-month and were down 29.2% when compared to last year at this time.

Demand - Pending Sales

Demand continued to remain low when compared to prior years and saw a decrease of 8.3% month-over-month.

Percent of Closed Price to List Price

This data point declined by 0.3% when compared to June and was also down compared to 2022.

Average Days in MLS

Last month saw the same number of days on market (23 days), on average. Last year at this time we saw 13 days on average.

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Reports based on data from REColorado®, Inc.

GREATER METRO DENVER INCLUDES THE FOLLOWING COUNTIES:

Arapahoe, Adams, Broomfield, Denver, Douglas, Elbert and Jefferson
Reports are based on information from REColorado®, Inc. for the period shown in title. Note: This representation is based in whole or in part on content supplied by REColorado®, Inc. REColorado®, Inc. does not guarantee nor is in any way responsible for its accuracy. Content maintained by REColorado®, Inc. may not reflect all real estate activity in the market. •Information deemed reliable but not guaranteed.

Mortgage Data Source: Freddie Mac

Posted by Neil Walton on August 2nd, 2023