We are officially in a Winter market. The recent cold likely put a damper on real estate activity, but typically the market starts to heat up from mid-January to March ushering in the Spring market. The year started off with 3,925 active listings - 1,829 more homes on the market than we saw in January 2022 (an increase of 87%). High prices continued with the median closed price of $588,000 being one of the highest we have seen since 2009 (only 2022 was at the same level).

Demand was up when compared to November and December - there were 3,141 pending sales in January, an increase of 40.2% when viewed month-over-month. The demand increase is likely due to fluctuating mortgage rates and the increased ability to negotiate pricing with sellers.

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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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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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