Median home prices in the 11-county Denver Metro Area have been relatively stable during the second part of the year; however, in November the median closed price of a single-family home dipped 3% from last month to $565,000. REcolorado data indicates buyers are gaining more leverage in this market and are using it to negotiate on closing price. Nearly half of the homes that closed in November sold for less than the original list price.
Shoppers are also taking longer to make home-buying decisions. In November, single-family homes were actively available in REcolorado MLS for a median of 24 days, two days longer than last year and 19 days longer than November 2021. As a result, standing inventory, or the number of homes that are actively available for sale at the end of the month, was 6% higher than last year at this time and more than two and a half times higher than November of 2021. Inventory levels were also nudged up compared to last year as sellers added 2,703 new listings to the market.
What can we expect in the coming months? The number of listings currently pending sale, which is a leading indicator of housing activity, was 3% higher than we saw last year and saw a month-to-month seasonal decrease of 10%. We should see continued seasonality in terms of closings, with year-over-year sales slightly higher than last year.
Denver Metro Market Stats: November 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.