Here’s this week’s report on the real estate market in the Denver Metro Area. Unlike others, I define the metro area geographically, not by county — as an 18-mile radius of Downtown Denver (see map), which includes Lone Tree but not Parker or Castle Pines to the South and Superior and Louisville but not the City of Boulder to the North. To the west it goes to El Rancho, but not Evergreen, and to the east it goes to DIA but not Watkins.
In that area, there are currently 4,210 active listings with a median Days on MLS (DOM) of 28. Only 830 of them are 7 days or less, which is the median DOM of the listings that closed in the last 7 days. Two-thirds of the active listings have been active over 14 days, and over 11% of the listings have been active over 120 days! In short, we have a HUGE surplus of over-priced active listings. (If you want to make a lowball offer, ask me or your agent to show you only listings that have been active over a month!)
Of the nearly 4,000 listings currently under contract within 18 miles of downtown Denver, the median days before going under contract was 9. Of the listings that closed in last 7 days, the median days on the MLS was 7. What does that say about the 80% of currently active listings that have been on the MLS over 7 days. Not good!
There has been a big shift in Median Days on MLS this spring. Until last August, the median DOM had been under 10 throughout the pandemic, but between August 2022 and Feb. 2023, it ranged from 10 to 32 median days on the MLS. But, surprise! Starting in March of this year, the median DOM is again under 10. Happy days are here again — IF the home is priced right!
Jim Smith's Blog 