June Market Report - Metro Denver
Last Month's Key Statistics
for Denver's Real estate Market
Attached & Detached Single Family Homes
THE AVERAGE SALES PRICE OF $720,7109 IN MAY DECLINED 0.7% FROM LAST MONTH AND ROSE 3.3% FROM LAST YEAR.
Quick Stats:
- Average active listings for May is 14,895 (1985-2023).
- The record-high for May was set in 2006 with 30,457 listings, while the record-low was set in 2021 with 2,075 listings.
- The historical average increase in active listings from April to May is 7.5%. This May saw a new record with a 31% increase, surpassing the previous record of 26.8% in 2019.
I had expectations for this most recent market report, and the numbers almost exactly matched what I anticipated. The biggest news is a record-breaking 31% increase in active listings since last month. This is a 75% increase since last year and a whopping 150% increase since May of 2022. Many of my sellers experienced more competition than expected last month. This increase also brings our months of housing supply over 2 months for the first time in a long while. Demand remained similar to last year, but more sellers are deciding it is time to go on the market for a variety of reasons.
This is generally bad news for sellers as they will likely be facing more competition, depending on their price point and neighborhood.
This is generally good news for buyers who have been on the fence. You now have more options and likely better pricing. Our spring selling season has officially flattened now with practically no appreciation during the month of May.
Both buyers and sellers should expect more volatility as a move in interest rates could tip the scale in either direction.
As always, don’t hesitate to reach out for more information about your specific needs.
