As mortgage rates fell steadily in December, buyer activity picked up in the Denver Metro area. Throughout the month, home shoppers executed contracts on 2,469 listings, which is an increase of 13% compared to last December. The number of listings pending sale is a leading indicator of home closings that could take place in the coming months.
In December, 2672 listings closed, which was 5% less than last December. The median closed price of the homes that closed was $550,000, less than one percent than last year and 3% lower than November. Buyers in the 11-county Denver Metro market are continuing to negotiate on pricing. REcolorado data more than half of the homes that closed in November sold for less than the original list price.
Sellers added 1,739 new listings to the market in December, which is the lowest number of monthly new listings we’ve seen since last year at this time. At the close of the month, there were 5,010 listings actively available for sale in REcolorado MLS.
Denver Metro Rental Activity
Rental activity in REcolorado MLS continues to see year-over-year increases. Compared to last year, 21% more properties were leased. The median leased price declined less than 1% with condos and apartments garnering the highest monthly rent. In December, 381 new rental listings were added to REcolorado MLS and there were 621 active rental properties available for lease.
Denver Metro Market Stats: December 2023
REcolorado videos and infographics depict year-over-year market statistics. To see month-to-month statistics for the Denver Metro area, please read the Full Market Watch Report.