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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April 2022 Denver Market Update: 

HOME VALUES ARE AT AN ALL-TIME HIGH!

March continued the trend of very high demand, an overall shortage of inventory, and skyrocketing home prices. The Spring market is starting with a big bump in new listings - March saw an increase of 42.4% as compared to last month - but they are moving very quickly with just 11 days on market, on average.

Buyers are facing high prices - the average price for a single-family home in March was $793,445 (an increase of 8% over last month) and the percent closed price to list price jumped to an astounding 106.5% from 104.8% from February.  In March, 21% of closings were cash buyers.


Supply - Active Listings

Active listings saw an increase of 31.6% over February - a…

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It's time to put away the puffy jackets and pull out the flip flops (or more likely Birkenstocks). It's Springtime in Colorado! We've got festivals, theater, concerts, and more! The masks have been ripped off and it's time to go enjoy each other's company once again.

What are we going to be up to this Spring? Likely taking in a few of these fun activities.

April 8th - Opening Day! A yearly reminder that Spring is here. Come on down to Coor's Field and watch the Rockies take on the Los Angeles Dodgers for the first game of the season. Get Tickets Here

Photo Courtesy of KRDO

April 14 - Nov 24th - The Art of Banksy - After 5 years of vacancy, The Denver Sports Castle is getting a new tenant this month.  Arguably, the most intriguing and…

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If you need help navigating this market, call us at (303) 532-4742. Buyer fatigue is real at the moment, with lots of buyers giving up on their search. Sellers are getting bad advice, listing with no plan or execution. When you work with us, you are working with the very best Denver real estate agents. Don't leave such a huge financial decision to chance.

March 2022 Denver Market Update: 

Home Values at an ALL-TIME HIGH!

The February market continued to be jaw-dropping with record-high prices and ongoing low inventory. The average price for single-family homes was up 18% year-over-year to $738,961. Additionally, the median price for single-family increased to $634,747 - up 21% YoY.

Supply - Active Listings

…

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Contemplating dipping your toe in the market? Tired of paying rent? Wondering how to get started? You can watch hours of HGTV, talk to friends & family, read blog articles, consult social media, etc.  With so much information to sift through, it can be tough to distinguish fiction from fact. That’s why we’re revealing the truth behind some of the most common home buyer myths and misconceptions.

Buying a home is a big decision, but it doesn’t have to be a scary one. If you arm yourself with knowledge and a qualified team of support professionals, you’ll be well equipped to make the right choices for your family and financial future.


DON’T FALL FOR THESE COMMON HOME BUYER MYTHS

Myth #1: You need a 20% down payment.

Plenty of buyers are…

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The River Mile

The next great place in the evolution of Denver. Located along a mile of the South Platte River, it’s envisioned as a sustainable, walkable downtown neighborhood. It will feature state-of-the-art residences for everyone – with public parks and promenades, a new elementary school, and a variety of shopping, dining, entertainment, and cultural destinations essential for family life in the city. Build-to-suit workspaces will range from business incubators to regional corporate headquarters. And public transit will be facilitated by two light rail stations. This is truly a one-of-a-kind project – the largest in downtown Denver – spanning 62 acres and expected to take up to 25 years to complete. Restoration of the river is now underway.…

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