Listings drying up in Denver
As we enter the dog days of summer, the Denver real estate market shows some of the same torpor.
For example, the number of new single-family listings that hit the Denver metro market from Jan through June is down 24.8% from the same period a year ago, according to the July Denver Metro Association of Realtors market report.
The numbers also reveal what we have been sensing for a long time — the recent peak in the real estate market was clearly June 2022, when the average single-family Denver metro home price registered at $809,130. That’s just a hair off June 2023’s average of $802,973, a mark supported by the absolute dearth of homes for sale and the low number of listings, and closings.
Source: July 2023 Denver Metro Association of Realtors market report.
July’s 2,956 single-family home closings in Denver represents a drop of 22.7% from a year ago. The number of single-family homes sold in the first six months of 2023 registers thousands fewer than any year in the last five, by thousands of properties. Homeowners, many of whom have record low mortgage rates, are reluctant to sell.
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Despite these factors, the market has signs of resiliency. Home price appreciation, while it has slowed, still shows steady improvement and is ticking steadily up. For buyers, investors and developers, Denver real estate remains a solid, longer-term bet.
But sellers need to realize the current market. I see many homes with prices that have overshot the market, not really registering that the blistering sales activity of 12 months ago is firmly a pattern from another Denver real estate era.
With the right strategy, it’s always possible to find a win in the Denver market. It just takes knowledge and expertise. Reach out anytime to tap into mine.