This month, sellers brought new inventory to the market to take advantage of high home prices. The market remains active as buyers continue writing contracts and closing on homes.
Both the number of listings that moved to Pending and the number of listings that Closed increased from last month.
The market for homes priced above $1 M is strong and growing stronger. When comparing this May to May 2021, the number of new listings priced above $1M was 67% higher and there were 51% more
Compared to May 2021 the number of listings that closed in the Denver Metro Area was 2% lower. Month over month, we saw a seasonal increase of 10%.
+ 2% year over year
The number of listings that moved to the Pending status in May was 5% lower than last May. Buyer activity saw a seasonal month-over-month uptick, and 10% more listings than we saw in April.
– 5% year over year
May brought a slight softening in home prices. The median closing price of a Denver Metro Area home was $615,000 in May, 14% higher than last May but 1% lower than last month.
+ 14% year over year
More new listings continue to come on the market. May was the fifth consecutive month the market saw an increase in the number of new listings. Compared to last May, 11% more new home listings came on the market and there was a 4% increase month over month.
+ 11% year over year
Days in MLS
Listings continue to take a median of 4 days to move from active in the MLS to pending, with a contract for purchase in place. This metric has been steady for more than a year.
The amount of standing inventory is more than double what it was last year at this time as we’ve experienced steady increases in the number of new listings coming on the market.
Gross Sales volume was up 17% over May 2021 due to strong sales and higher home prices.