A Slower Spring, But Still Moving

The Denver housing market is typically on a tear this time of year. Prices peak, homes sell in the first week, and buyers rush to get settled before summer kicks in. But this spring has been…different.

In the Denver region, the median price for single-family homes held flat at $675,000 in May—no month-over-month gain, despite seasonal norms. The average time on market also stalled at 11 days, a noteworthy shift from last year when homes averaged just 7 days during the same period.

But there’s still movement. Pending sales were 10% higher than last year, so buyers haven’t bowed out entirely, even with rates hovering around 6.8% and plenty of economic uncertainty. Closed sales came in just shy of last year’s numbers, while inventory continues to climb: over 10,000 active listings are now on the market, a 40% increase year over year. We now have 3.5 months of inventory—the highest we’ve seen since 2012.

While the market isn’t running as hot as recent years, well-prepared homes are still commanding strong interest. Two of our recent Heritage Village listings received multiple offers. One even sparked a bidding war, yielding a sale price more than $50K above the asking price.

In nearby Dream House Acres, our “Urban Orchard” listing also went under contract at a great price—just in time for last week’s rain and the upcoming summer harvest!

If you're thinking about buying or selling, we're here to help you navigate this very nuanced market—reach out any time.  :)

Best,
Jen & Chad