May 2023 | Denver Real Estate Market Report | Denver Metro Association of REALTORS | #DMARSTATS Anthony Rael, REMAX Denver Realtors

Colorado Real Estate Market Reports
May 2023 Denver Real Estate Market Report
Compliments of Anthony Rael, Denver Colorado RE/MAX REALTOR®

MAY 2023 DMAR MARKET TRENDS REPORT

New listings dropped 6.71 percent month-over-month to 4,758, a decline of 30.94 percent year-over-year. Pending sales increased 10.51 percent month-over-month to 4,489, while active listings at month-end rose slightly to 4,620 properties. Median days in MLS dropped from 10 days to seven, showcasing how quickly the market is moving again.

Traditionally, in the spring selling season, the market sees an increase in both active listings at month-end as well as new listings. The sluggish movement in these categories, however, leaves a lot to be desired. The market segments with the largest jump in inventory are currently the detached segments of the Luxury and Signature Markets, with over a 4.5 percent gain.

The median price rose from $566,000 in March to $580,000 in April, which is considerably lower than the median price of $617,000 this time last year. As we know, this time last year was a different story when bidding wars escalated over 10 percent above the list price resulting in a 106.87 close-price-to-list-price ratio. This escalation has calmed with a 100.21 close-price-to-list-price ratio, showcasing more stabilized pricing.

DMAR's monthly report also includes statistics and analyses in its supplemental “Luxury Market Report” (properties sold for $1 million or greater), “Signature Market Report” (properties sold between $750,000 and $999,999), “Premier Market Report” (properties sold between $500,000 and $749,999) and “Classic Market” (properties sold between $300,000 and $499,999).

This April, the Luxury Market saw an average close price drop from $1.64 million to $1.61 million. Average days in MLS improved, but the 5.88 percent decrease fell far behind other market segments that decreased by no less than 21.95 percent. Close-price-to-list-price ratio remained under 100 percent, at 99.23 percent, while other price segments saw homes close, on average, above list price.

Overall, the Luxury Market is trailing the hectic pace of 2022 and on par with 2021. The market is much more active than in the years leading up to the pandemic. In April, new listings saw a decline of 4.38 percent, while median days in MLS increased by two days, from seven to nine. The number of pending homes, up 4.52 percent, and closed homes, up 4.12 percent, were both on the rise, keeping the Luxury Market steady with the quickened pace seen in March. While the frenzy of last year is unlikely to return, the Luxury Market in Denver Metro remains strong and may be the most balanced of the local markets, with a slight lean toward sellers.

MAY 2023 DMAR MARKET TRENDS REPORT

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