Inventory, closings + buyers have dropped

As we approach summer, the Denver real estate market faces multiple dearths: inventory, closings + buyers.

In the first four months of 2023, the number of new Denver metro single-family listings is down 22.8% from the same period a year ago. Closings dropped a similar percentage and the number of buyers has also dropped.

The data story plays out in pricing. Prices have experienced a typical seasonal rise, but have dropped from a year ago. For example, single-family Denver homes averaged $741,584 January through April, down 4.1% from that four-month period in 2022.

Source: Denver Metro Association of Realtors May Market Report

Just looking at April — the latest data available — the data reveals the degree of scarcity in the market, and its impact.

Metric April 2023 % Change from April 2022
New Listings 3,377 -32.7%
Closings 2,590 -29.7%
Average Close Price $772,170 6.1%
Average Days on Market 30 days 233.3%

Source: Denver Metro Association of Realtors May Market Report


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What I’m Seeing

I’m seeing the data play out on the ground in my central Denver neighborhood core market in various ways.

There’s no doubt that the number of buyers in the market is down. And listings are simply not fetching the number of showings they did in recent years.

In addition, for the prospective sellers I interact with: homeowners who have very low mortgage rates locked in, just do not want to move. The barrier to moving has moved way higher.

With that said, however, as with almost any market A-plus listings — those with a great location and in great condition — are seeing multiple offers and a lot of activity.