Demand in February continued to be suppressed due to higher mortgage rates with eager buyers and sellers looking ahead to the next Federal Reserve meeting. Pending listings in February closely mirrored those from the same period in 2023. In the Greater Metro Denver area, new listings surged by 19.3% compared to the previous month, representing a significant 14.9% increase over the previous year. The average price for single-family homes remained high, surpassing historical February data dating back to 2020.

Demand - Pending Sales

Demand, a snapshot of the new pending sales, increased by 9.8% when compared to last month. This data point is nearly identical to what we saw at this time last year.

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In January, there was a substantial surge in new listings, marking an 89.3% increase compared to the previous month and a significant uptick of nearly 12% compared to the same period last year. Concurrently, demand experienced notable growth, evidenced by a 38% rise in pending listings compared to the previous month, slightly surpassing the levels observed at the beginning of 2023. The average and median prices for single-family homes remained at elevated levels, surpassing historical January data since 2019.

Informal reports suggest a shared anticipation among both buyers and sellers for potential drops in interest rates throughout 2024. This heightened interest is fueled by considerable pent-up demand within the market.

Demand - Pending…

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As the anticipation of Christmas fills the air, the Colorado real estate market takes its seasonal siesta as inventory and demand show a typical decline. Despite this, the market remains dynamic, albeit on a slightly smaller scale.

Home prices have exhibited resilience, with the average closed price for single-family homes reaching $728,594—a modest increase compared to the same time last November. Condo and townhome prices continue to demonstrate strength, with an average closed price of $465,237. The real estate landscape in our area still remains vibrant, offering both buyers and sellers great opportunities. 

Demand - Pending Sales

Demand, a snapshot of the new pending sales reflects a decline in the…

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In October, the real estate market experienced the impact of both seasonality and fluctuating interest rates. There were fewer active listings, new listings, and pending listings compared to the same period last year. However, there was a slight increase in demand, as reflected in the number of pending listings, which is consistent with the trend observed in October 2022.

Despite these fluctuations, property prices continued to rise. The average closing price for single-family homes increased by 4.0% year-over-year, and the closed-price-to-list-price ratio reached 99.1%, marking a slight 0.3% increase from the previous year. While these changes may appear modest, they underscore the resilience and strength of property prices in the current market.

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The Denver Metro historically leads National trends, exiting the “Great Recession” ahead of the rest of the country and experiencing a surge in real estate sales during the early days of COVID-19 while the rest of the country tried to find its bearings. Flash forward to this current market in Denver. We are again proving we're ahead of current national trends, with inventory slowly growing and inching closer to a balanced market that gives buyers and sellers equal footing. 

Demand in September continued to fall from the high we saw in April of this year, with pending sales at a similar level as 2012 and 2022. 2023 is unusual in that, typically, we see demand continue to increase in the spring and summer months, with June as the busy month for…

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The trend we've observed over the past few months persisted into August. During this period, there was a decrease in new listings, active listings, and pending sales compared to the previous month and the same period last year. Many experts are now characterizing this situation for sellers as being trapped in a scenario often dubbed "golden handcuffs," where elevated interest rates are impeding homeowners from making a move.

New Listings

This data point remained below prior years. It declined slightly month-over-month and by 8.6% when compared to last year at this time.

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

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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…

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Rain and hail storms did not dampen the Denver real estate market this June. While activity was noticeably slower than last year, buyers and sellers came together to navigate a changing marketplace. Bidding wars were down considerably, with the close-price-to-list price ratio at 100.23 percent market-wide. While some homes are still selling in a weekend with multiple offers, many others are sitting on the market for a few weeks with one or two price reductions before finding a buyer. The days of routinely putting a home on the market and watching it sell to the highest bidder in days are over. 

Active listings at month-end steadily increased month-over-month this year, short of a slight dip in February, to 6,070. This is an increase of 16.11 percent from…

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The Greater Metro Denver housing market continues to sizzle across most price ranges, surpassing pre-pandemic levels. The persistent heat can be attributed to a scarcity of available homes as homeowners are reluctant to sell, causing a limited inventory. However, we expect the inventory to gradually increase and peak during the summer months.

Notably, there has been a noticeable decline in buyer demand due to interest rates hovering around 7%. Homeowners are understandably cautious about making a move amidst these higher rates. As a result, year-to-date closings have seen a 22% decrease compared to the previous year.

While the overall market still favors sellers, the balance shifts towards buyers as the sales price increases. Single Family Homes…

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Welcome to spring, where Denver's real estate market is buzzing with activity! While both active and new listings experienced slight declines in April compared to the previous month, it's worth noting that new listings hovered just above the levels we observed during the same period in 2020.

Despite these fluctuations, the demand for homes remains robust. Pending sales witnessed a notable 9.1% increase compared to last month, indicating a strong interest from prospective buyers. On average, properties spent 28 days on the market, slightly lower than the 37 days we observed in the previous month.

Interestingly, word on the street suggests that eager buyers are eagerly anticipating new listings and expressing optimism that the arrival of May, coinciding with…

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