September 2023: Denver Real Estate Market Update

The trend we've observed over the past few months persisted into August. During this period, there was a decrease in new listings, active listings, and pending sales compared to the previous month and the same period last year. Many experts are now characterizing this situation for sellers as being trapped in a scenario often dubbed "golden handcuffs," where elevated interest rates are impeding homeowners from making a move.

New Listings

This data point remained below prior years. It declined slightly month-over-month and by 8.6% when compared to last year at this time.

Below is a chart showcasing August new listings from 2009 to date. Note that August 2023 listings are on-track with what we saw in 2009, 2011 and 2012.

Supply - Active Listings

Active listings decreased 1.2% when viewed month-over-month and were down 25.3% when compared to last year at this time.

Demand - Pending Sales

Demand continued to remain low when compared to prior years and saw a decrease of 2.1% month-over-month.

Percent of Closed Price to List Price

This data point declined by 0.4% when compared to July but was up 0.1% compared to 2022.

Average Days in MLS

August saw the number of days on market at 25 days, on average. Last year at this time we saw 18 days on average. Last month saw 23 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 September 5th, 2023