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 graduation season, will bring a surge in available inventory. As we embrace this vibrant season, we eagerly anticipate the possibility of more options for home seekers.
Supply - Active Listings
Active listings experienced a 6.7% increase compared to the previous year but dropped 9.6% when compared to last month. April active listing volume falls just above what we saw in 2022.
4,559 new listings came on the market in April. This metric was down 7.2% compared to last month and down 30% when viewed year-over-year. It is unusual for new listings to decline this time of year.
Demand - Pending Sales
Demand was down 17.3% year-over-year but up 9.1% compared to last month. This data point indicates that, though inventory is low, what is on the market is moving. Of note, when viewed from 2009 to present, on average, pending sales increased by 8% from March to April.
Percent of Closed Price to List Price
In April, the closed price to list price ratio was 100.3%, a decrease of 6.6% compared to the previous year. This is a considerable change from the extreme height of April 2022 when the ratio was more than 106% - the highest on record.
Average Days in MLS
The average number of days on the market decreased to 28 days, representing a 24.3% reduction compared to the previous month, and a substantial 250% year-over-year increase (from an average of 8 days during the same month last year). This data point illustrates that inventory is moving fast.
Interested in Selling Your Home?
If you are considering selling your home, we would love the opportunity to earn your business. Simply complete the quick form below and we will get in touch with you ASAP,
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.
- © 2020 Land Title Guarantee Company. All rights reserved.
Mortgage Data Source: Freddie Mac