Starting this month, I am partnering with Megan Aller of First American Title, in providing a statistical analysis of the prior month’s real estate activity in the Denver metro area. Megan is renowned for her diligent and in-depth analysis of the market, so, while this is under my byline, I am really conveying what she has told me.
As the Denver market enters a cooler season, the landscape is undergoing a notable shift with rising inventory and falling demand. This phenomenon, known as retraction, is causing a seasonal decline in prices as the balance between supply and demand evolves.
Recent data reveals a decline in the occurrence of multiple offers. For detached single-family homes, the percentage of properties selling for over asking price dropped by 4.7%, settling at 41.1%. Similarly, attached residences experienced a 2.0% decrease, with 37.4% of homes selling for over asking price.
While attached single-family home prices experienced a minor dip of 0.1%, averaging $480,656, detached single-family home prices rose by 1.7% month over month, reaching an average price of $796,702.
Both attached and detached homes currently have a supply of 1.3 months, indicating limited inventory. However, experts predict supply will likely increase in the coming months.
The shift towards a cooler market creates a favorable environment for prospective buyers. With a decrease in multiple offers and the potential for price adjustments, buyers have an opportunity to make their move in a less competitive market. Whether they are first-time homebuyers or looking to upgrade, the current market conditions present an opening for strategic decision-making.
If you’re interested in learning more about the metro Denver real estate market, my broker associates and I can provide valuable insights tailored to your specific needs. Our contact information is below.
The data in this report covers the following metro area counties: Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert and Jefferson. This representation is based in whole or in part on content supplied by Metrolist Inc., d/b/a REcolorado. REcolorado does not guarantee nor is it in any way responsible for its accuracy. Data from REcolorado may not reflect all real estate activity in the market. All data above is for the month of June 2023.
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