In August, Greater Metro Denver's real estate market saw a 25% increase in active inventory year-over-year, with months of supply rising to 3 months—a 30% increase. Homes took 36 days on average to sell, a 44% increase from last year. The condo market, however, experienced more pronounced changes: average condo prices fell by 6.3% from August 2023, active listings surged by 35%, and months of supply jumped 52% to 3.5 months. Additionally, pending listings dropped by 6%, and the average days on market for condos rose by 64% to 41 days. These shifts in the condo market will be important to watch as trends continue to develop.
Supply - Active Listings
The August active supply was down slightly month over month (-4.5%) but remained elevated when compared to August 2023, which saw 7,930 active listings.
New Listings
August saw 4,849 new properties enter the market. This data point increased 0.1% when compared to last month, which saw 4,844 new listings. Last year at this time saw 4,597 new listings.
Demand - Pending Sales
Demand, a snapshot of new pending sales, increased by 3.9% when compared to last month. Last year at this time we saw 3,485 pending listings.
Percent of Closed Price to List Price
This data point decreased by 0.6% when compared to last year and was down 0.2% when compared to last month.
Average Days in MLS
August saw the number of days on the market at 36 days, on average. Last year at this time we saw 25 days, on average. Last month saw 30 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.
- © 2020 Land Title Guarantee Company. All rights reserved.
Mortgage Data Source: Freddie Mac
Posted by Neil Walton on
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