So, How’s the Market? | October 2023

High mortgage rates and elevated home prices continue to impact the Denver metro housing market.
The median price of a home increased by 2%, $580,000 total.
There were 6% fewer closings this October when compared to last year.
Year to date, home sales in the Denver Metro area are down 19% from last year.
In October, there were 3,803 fresh listings added to the market, this was 1% less than new listings last year. This number is down 17% from September.
Buyer activity picked up in October, pending listings were 1% higher than last year and 5% higher than last month. Listings are staying on the market for a little bit longer, which is helping inventory levels inch up.

The number of listings that closed in October was down 12% from last October. From September, closings dropped by 6%. We have seen a decline in closings for the last 2 months.

The media closed price of a Denver Metro area home was $580,000, which is 2% more than last year at this time. Prices saw a decrease of 1% from September to October.

In October, there were 3,803 new listings added to the market, which was 1% less than last year and 17% less than September.

Throughout the month of October, buyers executed contracts on 3,165 home listings. Pending listings were up 1% from last year and 5% from last month.

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 October. Homes in the $200-300,000 and $400-500,000 price ranges spent the fewest number of days on the market.

Standing inventory, was 2% higher than last October, with 7,538 homes actively available for sale in the Denver Metro area. The gross sales volume in October was 8.5% lower than October of last year.