Highlights:

• Buyer activity continued to see a seasonal decrease as we enter the winter months. Closings were down 9% from last year. Economists predict an increase in activity as mortgage rates normalize below 7%.
• Standing inventory has nearly reached pre-pandemic levels. Homes are staying on the market for a median of 24 days.
• Median home prices have been relatively stable, in November there was a 3% decrease.

Closed Listings:

• Closed listings were down 9% from last November and compared to last month closings were down 11%. We have now seen a decline for three consecutive months.

Closed Prices:

• This month, the median closed price for a Denver metro area home was $565,000. This is a less than 1% increase since last November. From last month to this month, prices saw a decrease of 3%.

Days in MLS:

• In November, homes spend 24 days in the MLS, 2 days longer than last year and one week longer than last month.

New Listings:

• In November, sellers brought 2,703 new listings to the market, 1% more than last November.

Pending Listings:

• Buyers executed contracts on 2,678 homes. The number of pending listings this November was 3% highter than last November but 10% lower than last month.

Activity by Price Range

• The market that includes Multi-Family/Condo/Townhomes and Single-Family Residences saw the most homes sold in the $500-$600,000 price range. This price range also saw the largest number of new listings enter the market in November. Homes priced $2M or more spent more than 2 months on the market, with other price ranges spending between 17 and 30 days actively available before pending sale.

Active Listings and Volume:

• Standing inventory, or the number of listings actively available for sale at the end of the month, was 6% higher than last November, with 6,393 homes actively available for sale in the Denver Metro area. The gross sales volume in November was 9% lower than November of last year.