Denver Metro Area
October brought seasonal cooling for the Denver Metro housing market as both buyers and sellers were less active. We saw double-digit decreases in both Closed and Pending listings when compared to last year, as well as month-over-month declines as we moved into the fall months.
Navigating a shifting market can present challenges for buyers, sellers, and renters – that’s where you can help as an experienced real estate professional! With mortgage rates more than doubling since the start of the year, understanding individual situations and the local market is the key for consumers to accomplish their goals.
Pro Tip: Showcase your local market expertise with the latest housing statistics! Visit our Market Stats Learning Path for access to videos, webinars, how-to guides, and classes so you can find the training resources you need to sharpen your market statistics skills.
What Does This Mean for Sellers?
Homes are staying on the market more than three times longer than they did last year at this time. With additional inventory and less competition, buyers are taking more time to write contracts. From a month-to-month perspective, Median Days in MLS ticked up by one day to 18.
The combined factors of homes staying on the market longer, moderating home prices, and the shrinking pool of possible buyers led sellers to bring 28% fewer new listings to the market than last year, and the lowest number of new listings for any October since 2008. The number of new listings has also decreased each month since the peak we saw in in June.
How This Affects Your Buyers
Rising mortgage rates continued to slow the demand for homes in the Denver Metro Area in October. The number of properties that moved to Pending status was 39% lower than October 2021 and decreased 4% from September.
The silver lining for buyers is that Median Closed Prices have decreased 8.5% since their peak in April (when homes were closing a median of 6% above original list price). In October, homes closed at a median of 2.9% below the original list price. More buyers are finding themselves with increased negotiating power.
Pro Tip: Register for our Target the Right Buyer class to help ensure your listings are reaching the right buyers and that your internet marketing strategy is aligned with the needs of your clients in today’s changing market.
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REALTOR® Association Market Statistics
In addition to the market statistics reports produced by REcolorado, we provide housing market data and collaboratively produce statistics reports with local REALTOR® associations.