Denver Metro Housing Market Recap: December 23

As mortgage rates continued to fall, December witnessed a surge in home buyer activity in the Denver Metro area, marking a notable year-over-year increase. The number of listings pending sale saw a significant uptick, rising by 13% compared to the previous December.

Pending Listings and Closings: Homes spent a median of 30 days actively available in the REcolorado MLS before a contract was executed. Pending listings, considered a leading indicator, hinted at future closings expected in the next 30-60 days. However, Denver Metro home closings experienced a 5% decrease from the previous year, reaching the lowest level for any December in over a decade. This decline was attributed to a seasonal drop from November as buyers shifted their focus to holiday festivities.

Fresh Listings and Median Closed Price: Sellers introduced 1,739 new home listings to the market in December, marking the lowest number since the same period last year. The median closed price for Denver Metro homes at the end of the year settled at $550,000, a marginal decrease of less than 1% from the previous December and 3% lower than the preceding month. Interestingly, over half of the homes that closed in December sold for a price lower than the original list price.

Rental Activity: Rental activity in the REcolorado MLS continued its upward trajectory, witnessing a year-over-year increase of 21%. The median leased price experienced a slight decline of less than 1%, with condos and apartments commanding the highest monthly rent. December saw the addition of 381 new rental listings, contributing to a total of 621 active rental properties.

Closing Statistics: The number of listings that closed in December was 5% lower than the same month in 2022. Additionally, compared to the previous month, closings dropped by 4%, marking the fourth consecutive month of a seasonal, month-to-month decline.

Market Watch Full Report December 2023

Market Dynamics: Buyers executed contracts on 2,469 home listings throughout December, reflecting a 13% increase compared to the previous year but a 3% decrease from the previous month. The Multi-Family/Condo/Townhomes and Single-Family Residences market saw the most activity in the $500-$600,000 price range. Homes priced $2 million or more spent just under 2 months on the market, while other price ranges ranged from 20 to 34 days before pending sale.

Inventory and Sales Volume: Standing inventory, representing listings actively available for sale at the end of December, increased by 6% from the previous year, reaching a total of 5,010 homes in the Denver Metro area. Despite this, the gross sales volume for December was 2% lower than the same month in the previous year.

December 2023 Metro Denver Real Estate Snapshot

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