May 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 $727,700 IN APRIL ROSE 3.8% FROM LAST MONTH AND ROSE 6.9% FROM LAST YEAR.
Quick Stats:
- Average active listings for April are 14,048 (1985-2023).
- Record-high April was 2006 with 29,045 listings and the record-low was set in 2021 with 2,594 listings.
- The historical average increase in active listings from March to April is 10.3%. An increase of 19.5% this April represents a healthy increase relative to historical observations.
Happy spring everyone!
We are in the heart of our selling season, and the biggest headline (besides high interest rates) is the increase in active listings during the month of April. We saw new listings increase 20% month-over-month and 50% year-over-year. This kind of increase in active listings, combined with high interest rates, should cause appreciation to slow down. However, home values continued to rise with 3.8% month-over-month appreciation and 6.9% year-over-year appreciation.
Buyers, if you've been waiting for more options in our historically low inventory market, now might be the time to take a look to see if any of these new listings are checking the boxes on your list.
Sellers, since you're going to have more competition in May with more new listings still expected, make sure you price correctly. Don't just do a past sale analysis, but be sure to see how your list price stacks up against your current competition.
As always, don't hesitate to reach out if you'd like more detailed statistics for your specific needs!
