Denver Metro Market Overview
According to REcolorado data, the number of new listings sellers brought to the 11-county Denver Metro market was down 29% compared to the same time last year. Lack of inventory caused the market to pull back a bit. While we usually see an uptick in closings as the weather heats up, this year bucked the trend. On a positive note, 12% more contracts were written on homes in April compared to March 2023.
The rental market is strong with a 58% increase in leases and a 7% uptick in leased prices.
Denver Metro Buyer Activity
A lack of housing inventory in the Denver Metro area slowed buyer activity in April. Throughout the month, 3,769 homes closed in the 11-county area, which is a 26% decrease from last year. The median closed price of a home was $580,000 and we saw the most closing actively on homes priced between $500,00-$600,000. Throughout the month, buyers executed contracts on 5,543 homes, which is a positive sign we’ll see more closings in the months ahead. Shoppers still need to be prepared to act quickly, with most homes staying in the MLS a median of only 8 days.
Pro Tip: With the Market Watch Widget, you can quickly and easily get insights on your market area every time you log in to REcolorado Matrix MLS! Learn more about the Market Watch Widget.
The Forecast for Sellers
Home values remain strong. Although the median price of a home is lower than last year at this time, they are 10% higher than April of 2021. Additionally, homes are spending a median of about just one week on the market. Homes that are priced appropriately are going under contract quickly and, in April, garnered a median of 100% of their asking price.
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More Colorado Market Stats
RELATORS® of Central Colorado
In Chaffee County, closings were down 47% from last month, but the number of contracts buyers executed on homes in April increased 96% from March, which indicates that more closings are on the way in the months ahead. Home shoppers made decisions quickly, and executed contracts on homes in a median of just 8 days.
Steamboat Springs Board of REALTORS®
In Routt County, sellers brought 31 new listings to the market, which is 30% fewer than in March. Pending listings were also down 23% from last month, making April the third consecutive month that Pending listings have declined in Routt County. Home values remain strong. The median closed price for a Routt County home was $925,000 in April, 1% higher than last year.
REALTOR® Association Market Statistics
In addition to the market statistics reports produced by REcolorado, we providing housing market data and collaboratively produce statistics reports with local REALTOR® associations.