September 2022 Denver Market Update
Greater Metro Denver saw more of a balanced market in August as buyers had more options compared to last year and increased time to ponder their home buying choices. Other indicators of a return to more "normal" levels include that the closed-price-to-list-price is down, prices dropped slightly, and days on the market increased. The month's supply of listings for August was at 2020 levels.
Prices remained high at $739,089 on average for a single-family home but came down 4.7% when compared to last month. For reference, the all-time high was set in April of 2022 at $819,253.
Percent of Closed Price to List Price
This data point saw a significant drop when compared to last month and indicates a move back to a "normal" market. In the below graph we track this data point back to 2009. For reference, April 2022 saw its all-time high at 106.9%.
Supply - Active Listings
Active Listings are up 35% year-over-year but down 13.8% when compared to last month.
New listings were down 15.5% when compared to last year and down 17.5% when compared to last month. This is likely an indication that sellers better understand that the frenzy of the spring market passed and are taking more of a "wait and see" approach.
Demand - Pending Sales
Demand is down 20% year-over-year but saw an 11.2% increase when compared to last month.
Average Price per SqFt Single-Family
The average price per square foot for single-family homes dropped 2.4% when compared to last month but is up 6.4% when compared to last year at this time.
Average Days in MLS
Days on market saw an increase to 18 days on average. This was an increase of 38.5% when compared to last month, which was at 13 days on average.
Posted by Neil Walton on