So How’s The Market?

July 2023 saw a normalizing market, where Real Estate has a slow down from Summer Vacations, Fourth of July and winding up for the school year.

The median price of a Denver Metro area home was $591,200 in July, which is less than 1% lower than last year at this time. After 5 consecutive month-to-month increases, home prices dipped 1% from June to July.
In July, homes moved off the market in a median of 9 days.
There was a slight dip in buyer activity in July. The number of listings pending sale was 4,080, which is 3% less than last year and 1% lower than last month.

In July, the median closed price of a Denver Metro area home was $591,200, which is less than 1% lower than last year at this time.Prices were down slightly from June to July with the median closed price of a home seeing a 1% decrease

Over the past year the markets prices have stabilized, due to a number of reasons but mostly in part to Interest Rates holding between 6%-7% on average.

We predicted at the beginning of this year the average price in the market place would fall between 2-3 percent over the entire year. This would stabilize the inflated market prices and bring the Denver Metro area housing market to a more normal buying and selling marketplace.

In July, homes spend median number of 9 days actively available for sale in the MLS, 2 days more than last July and 2 days more than last month.

All information taken from ReColorado August 11th, 2023, reporting the 11 County Denver Metro Housing Market.