So How’s the Market? – June 2023

Highlights:

In June, the Denver Metro Area housing market experienced declines. This month there were 4,266 home listings closed, which is 20% less than this time last year and 1% less than last month.
Fresh listings have been down 26% from last year, but have been slowly rising since April. Current homeowners are unwilling to give up their low interest rates for the high rates we are currently experiencing if they put their homes on the market.
Since the beginning of the year, median closed prices are up 12% due to the steady increase in price over the last 5 months. In June, the median closed price was $599,820. Again, this is lower than it was last year, but we did see a price increase from May to June.
Rental properties listed on REcolorado MLS, increased by 37% from last year. Single family homes make up 49% of the rental market in the Denver Metro area.

The closed price of homes went down by 2% in the month of June for a median price of $599,250. From May to June, prices went up slightly and since the beginning of the year, prices have increased by 12%.

In June, the listings were actively available for an average of 7 days. This is 2 more days than last June and one more day since last month.

This month, there were 5,462 fresh listings in the Denver Metro Area. This number is up 3% from last month, but down 26% from last June.

4,376 homes were moved from listed to pending in the month of June. This is up 6% from last month and down 4% from last year.

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 prices at or about $2M spent the most time of the market.

Standing inventory was up 2% from last June. The Gross sales volume saw a decrease of 21% from last year at this time.

So, How’s the Market, July 17th, 2023 All data is taken from REColorado for the 11 county Denver Metro Area.