Denver Metro Market Overview

According to REcolorado data, the number of new listings sellers brought to the 11-county Denver Metro market was down 29% compared to the same time last year. Lack of inventory caused the market to pull back a bit. While we usually see an uptick in closings as the weather heats up, this year bucked the trend. On a positive note, 12% more contracts were written on homes in April compared to March 2023.

The rental market is strong with a 58% increase in leases and a 7% uptick in leased prices.

Denver Metro Buyer Activity

A lack of housing inventory in the Denver Metro area slowed buyer activity in April. Throughout the month, 3,769 homes closed in the 11-county area, which is a 26% decrease from last year. The median closed price of a home was $580,000 and we saw the most closing actively on homes priced between $500,00-$600,000. Throughout the month, buyers executed contracts on 5,543 homes, which is a positive sign we’ll see more closings in the months ahead. Shoppers still need to be prepared to act quickly, with most homes staying in the MLS a median of only 8 days.

The Forecast for Sellers

Home values remain strong. Although the median price of a home is lower than last year at this time, they are 10% higher than April of 2021. Additionally, homes are spending a median of about just one week on the market. Homes that are priced appropriately are going under contract quickly and, in April, garnered a median of 100% of their asking price.

For the complete REColorado April 2023 Market Watch Report go to: https://cdn.recolorado.com/files/market-watch/2023/REcolorado-Market-Watch-2023-04.pdf