DMAR Real Estate Market Trends Report | SEP. '23
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, and Denver
Metro is again proving its ahead of current national trends with inventory slowly growing and inching closer to a balanced market that gives buyers and sellers equal footing.
New listings increased 1.74 percent, and pending sales increased by 0.76 percent month over month. More notably, active listings at month’s end increased 8.87 percent month over month to 6,858 while pending sales declined 13.91 percent and closed volume declined 16.11 percent. Activity is slowing slightly with inventory increases. The median close price dropped 1.36 percent from $590,000 to $582,000 and median days on market increased 22.22 percent to 11 days.
“Buyers feel the shift and think that we are no longer in a full-price market,” commented Libby Levinson-Katz, Chair of the DMAR Market Trends Committee and Metro Denver Realtor®. “Median days on market increasing to 11 days may seem benign, but it also means homes are sitting on the market for 70 days or more. As a result, buyers want to negotiate on price and receive a concession for a rate buydown. Close-price-to-list-price ratio remains in the 99th percentile, showcasing buyers and sellers are coming together to make sales happen without huge negotiation swings. Pricing in this market is a science. If a home is priced correctly, or even under market, it may still receive multiple offers. However, if the price is slightly high then days on market climb until you find the right buyer, or the right price.”
Months of inventory for detached homes under $1 million sat at a month and a half to just shy of two months, while above a million dollars, the months of inventory sits at roughly two and a half months and increases to 5.79 months of inventory with $2 million plus. The best-performing price band for both detached and attached homes was $750,000 - $999,999 with an increase in sales month to month of over three percent.
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