Pending sales and new listings decreased month over month while active inventory increased significantly. Average days on market increased month-over-month, and closed sales decreased showing that the market has continued to slow.
September’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – included:
- The average price for homes was up 0.63% compared to the previous month and up 3.13% from September 2022.
- The average days in the MLS increased 15.38% from the prior month and are up 15.38% from a year ago. The median days in MLS increased from 11 days to 14 days month over month.
- Active listings at months-end were up 11.24% from August and down 0.70% from this time last year.
The Denver Metro real estate market is experiencing a shift, transitioning from the unpredictability of the spring season to the traditional slowdown in residential sales typical of the fall. Key indicators from this month’s data reveal a changing landscape: new listings decreased by 5.92%, while active listings at month-end surged by 11.24%. Pending and closed sales both dropped significantly, leading to a 20.88% decline in sales volume. Meanwhile, months of inventory increased by 47.24%, and the median days on the market rose by 27.27%, reaching 14 days, indicating a more patient market. Interestingly, despite growing inventory, the median price point increased by 0.69% to $585,000, highlighting the continued strength of prices in the Denver Metro area.
While these changes are relatively marginal, they underscore the resilience of the Denver Metro market. Buyers are not primarily negotiating on price but are increasingly seeking concessions, a trend that has been on the rise this year, making it easier for buyers to navigate the market. First-time homebuyers, untethered from the memory of historically low interest rates, are leading the charge, recognizing that purchasing a home is a faster way to build wealth and gain equity compared to renting. With properties spending more time on the market and sellers more willing to reduce prices, first-time buyers have the leverage to request concessions, making this an opportune market for them to enter without the fierce bidding wars of the past. If you need any advice or assistance navigating our real estate market, contact me today at 303.710.5817 or firstname.lastname@example.org 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 September 1, 2023, through September 30, 2023, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.