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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
![](../../denver-real-estate-market-stats/assets/pdf-download-icon.gif)
![](assets/may23/DMAR_MarketTrendsReport_May2023_Page_01_small.jpg) ![](assets/may23/DMAR_MarketTrendsReport_May2023_Page_02_small.jpg) ![](assets/may23/DMAR_MarketTrendsReport_May2023_Page_03_small.jpg)
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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.
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MAY 2023 DMAR
MARKET TRENDS REPORT
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