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 pending. It seems that interest rates and seasonality played a role in defining September metrics. Active listings increased month-over-month primarily due to lower demand and fewer new homes coming on the market.
New listings continued to be muted with homeowners wanting to keep their current low mortgage rate. In fact, 13% fewer new homes came on the market this September vs last September.
Supply - Active Listings
Active listings showed an increase each month over the last 3 months, but this is due to lower demand versus an increase in new listings.
Demand - Pending Sales
This metric continued to decrease from the high we saw in April of this year. 2023 is unusual in that, typically, we see demand continue to increase with June as the busy month for pending.
Percent of Closed Price to List Price
This data point declined by 0.3% when compared to August but was up 0.3% compared to 2022.
Average Days in MLS
September saw the number of days on market at 29 days, on average. Last year at this time we saw 26 days on average. Last month saw 25 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.
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Mortgage Data Source: Freddie Mac
Posted by Neil Walton on