So, How’s The Market | August 2023

For the second month in a row, median home prices dipped in the Denver metro area. Even with this, homes closed at 98% of the asking price.
The number of homes closing was up from July to August, but this is still down 12% from last year. The luxury market saw an increase of 31% year over year.
Inventory grew slightly from July, but overall inventory levels still remain low as they are down 7% from last year. Homes priced from $5006$600,000 had the most inventory.

Closed listings were down 12% from last August, but saw an uptick of 2% from July.

The median closed from of a home in the Denver metro area in August was $582,700, this is 1% higher than this time last year.
Prices have decreased for two months consecutively, from July to August there was a 1% decrease.

Homes spent an average of 12 days in the MLS in the month of August. This is one day less than last year and 3 days more than last month.

In August, there were 4,849 new listings on the market. This is slightly more than last month, but down 7% from last August.

Buyers executed 3,842 contracts on home listings. From last August, this is 14% fewer, but 1% more than July.

Multi-Family/Condos/Townhomes and Single-Family Residences saw the most homes sold in the $500-$600,000 price range. These homes also saw highest number of new listings.
Homes prices from $900 – $2M spent the most time of the market.

Standing inventory was 3% lower than last August, with 6,655 homes actively available for sale in Denver.
The Gross sales volume in August saw a decrease of 8% from last year at this time.