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 month-over-month pending sales, dropping from 2,945 in October to 2,570 in November, a decrease of 13% month-over-month. This level of demand is nearly identical to the corresponding month last year and when comparing November's level of demand over the last several years, it closely aligns with pending sales in 2011.

New Listings

Another challenge to the market is the reluctance of homeowners willing to sell. Homeowners are staying put due to their underlying fixed low mortgage rate. In November 2,457 new homes entered the market 131 fewer new listings than November of 2022.

Supply - Active Listings

The active listing inventory dropped by 2,006 homes compared to November of 2022. This is a 24.5% decrease.

Percent of Closed Price to List Price

This data point declined by 0.5% compared to last month but was up 0.2% compared to 2022.

Average Days in MLS

November saw the number of days on the market at 36 days, on average. Last year at this time we saw 33 days, on average. Last month saw 31 days.

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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 December 1st, 2023

December 2023: Denver Real Estate Market Update