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 May and the highest the market has seen since 2020. One contributor to the growing active listings is an increased number of deals falling at inspection. Sellers are taking note and willing to work with buyers keen to walk from a deal if there are issues with inspection or appraisal.

New Listings

New listings ticked up month-over-month (6.0%) but were down when viewed year-over-year. This metric remains lower than prior years.

Supply - Active Listings

Active listings increased 7.2% when viewed month-over-month but were down 20.5% when compared to last year at this time.

Demand - Pending Sales

Demand remains low when compared to prior years and only increased 1.7% month-over-month.

Percent of Closed Price to List Price

This data point declined by 0.2% when compared to May and is also down compared to 2022.

Average Days in MLS

Last month saw 21 days, on average. Last year at this time we saw 10 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 July 6th, 2023

July 2023: Denver Real Estate Market Update