Still not enough Sellers – May 2023 Metro Denver Market Update
Pending sales increased month over month. However, new listings, and closed sales decreased. Inventory remains very low as homes are going off the market almost as quickly as they become available.
April’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – included:
- The average price for homes was up 2.56% compared to the previous month and down 5.6% from April 2022
- The average days in the MLS were down 21.62% from the prior month and up 262.5% from a year ago. The median days in MLS dropped from 10 days to 7 days month over month, showcasing how quickly the market is moving.
- Active listings at months-end were up 2.30% from March and up 44.19% from this time last year.
Traditionally, at this time in the spring selling season, we see an increase in both active listings at months-end as well as new listings. We still have yet to see major movement in these categories, leaving a lot to be desired. Unfortunately, affordability took a hit with the rollout of the tax assessments the last week of April, resulting in property tax bills increasing by more than 60% in some areas. Higher tax bills, coupled with increased interest rates, are going to impact Buyer’s ability to purchase throughout the state, specifically in the Denver Metro area.
If you need any advice or assistance navigating our real estate market, contact me today at 303.710.5817 or email@example.com. I am never too busy for your referrals.
This update is based on information provided by the Denver Metro Association of Realtors® for the period of April 1, 2023, through April 30, 2023, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.