April 2023 Denver Market Overview | April Showers…not bringing inventory.

April showers may have brought May flowers, but they did not bring more inventory to the Denver metro area. Inventory remains incredibly low. Year to date, the number of new Denver Metro listings is lower than we’ve seen in more than 12 years.

Historically, the market has a seasonal increase in closings from March to April as Spring hits and many buyers desire to move during the summer months. That was not the case this April as the number of closings decreased likely due to a lack of inventory, along with higher interest rates. Positively, there was an uptick in buyer activity month-over-month with 12% more contracts written on homes in April than in March.

Bullet points with March stats:

~ The median sold price for single family homes (including attached and detached) in April is $580,000 which shows a 2.47% increase from last month (March) and a 6% decrease from April 2022.

~ The average number of days on MLS in April 2023 was 29 days, which shows a 21.62% decrease from last month (March) and a 262.5% increase from last year in April.

~ Active listings at month end are 4620. This shows a 2.3% increase from last month (March) and a 44.19% increase from last year in April.

~ Average active listings in April are 14,296 (from 1985-2022). The record high April was in 2006 with 29,045 and the record low was in 2021 with 2594. April 2023 shows active listings at month end of 4620.

Please reach out with any questions. I am happy to help.

If you have any questions or would like to discuss selling or purchasing a property, contact me today at 303-949-9683 or Amy@MountainTimeRealEstate.com .