So, How’s The Market? | July 2023

Highlights:

The housing market in the Denver metro area stayed constrained in July. When compared to last year, closing were down by 14%. In July, there are typically fewer closings due to summer vacations and the July 4th holiday. Compared to June, there was a 12% decrease in closings.
The average price of a home in July was $591,200, which is 1% lower than it was last year at this time. From February to June, prices were increasing, but from June to July, prices dropped by 1%.
In July, homes moved off the market in a median of 9 days.
Buyer activity was slightly down from last year, 3% and 1% lower than last month.
There were 4,817 new listings in July, which was 24% less than last July and 12% less than in June.

In July, the average price of a home in the Denver area was $591,200, which is down 1% from last July. Prices went down slightly, by 1%, from June to July.

Homes spent an average of 9 days in MLS, marketed as for sale in the month of July. This is 2 more days than last July and last month.

In July, there were 4,817 new listings on the market. This is 24% less than last July and 12% less than last month.

There were 4,080 pending contracts in the month of July, which is 3% lower than last July and 1% lower than June.

The majority of homes that sold in the $500- $600,000 price range consisted mostly of Multi-Family/Condo/Townhomes and Single-Family Residences. Homes priced at $1 – 2M spent the most time of the market.

Standing inventory was down 8% from last July, with 6,602 homes actively available for sale. The gross volume in July decreased 13% from last July.

So, How’s The Market, August 10, 2023, all data is taken from ReColorado for the 11 county Denver Metro Area.