Selling Season Underway Despite a Few Challenges
In April, homeowners opted to stay put rather than sell their homes, resulting in controlled inventory levels. The number of fresh listings hitting the market decreased by 29% compared to the same time last year, and the total number of new Denver Metro listings year-to-date was the lowest in more than 12 years.
Despite a 7% decline in home prices from the previous year, the median closed price of a Denver Metro home in April 2023 remained 10% higher than April 2022, as high demand and low inventory levels kept prices from falling. However, due to a lack of inventory and higher interest rates, there was a decrease in the number of closings in April, which is usually the peak period of the spring buying and selling season. However, buyer activity increased by 12% month over month, and the number of properties leased using the REcolorado MLS increased by 58% compared to last year.
The $500-$600,000 price range saw the most buyer and seller activity in April, with 747 home closings and 851 new listings brought to market. Properties in this price range stayed on the market for a little over a week. Inventory levels at the end of April 2023 were 166% higher than in April 2022. Gross sales volume decreased by 31% compared to the same period last year, due to a decline in closings.