Uncategorized June 20, 2023

May 2023 Denver Market Overview | Odd, Strange, Strained

In her June Market Trends report, Nicole Rueth states: “Real estate is not dire, but it is strained.  Some sellers are crushing it with 40 plus showings, 11 plus offers, and well over asking.  Some buyers are finding the deal of the year in a slower neighborhood or unperfect home.”  Her words reflect what I am seeing out in the field.  Some homes are flying off the market, others are sitting.  Some Buyers are winning deals under list price, other Buyers are faced with a multiple offer competition.  The market is strange, odd, or as Nicole states, strained.


The Denver Metro median closed price is 3% lower than last May; however, there have been 4 consecutive months of increases. In May, homes closed at 99.5% of list price, indicating a slight advantage for buyers over sellers.


Bullet points with May stats:

~ The median sold price for single family homes (including attached and detached) in May is $595,000 which shows a 2.59% increase from last month (April) and a 3.25% decrease from May 2022.

~ The average number of days on MLS in May 2023 was 22 days, which shows a 21.43% decrease from last month (April) and a 144.4%  increase from last year in May.

~ Active listings at month end are 5228.  This shows a 13.16% increase from last month (April) and a 43.15% increase from last year in May.

~ Average active listings in May are 14,895 (from 1985-2022).  The record high May was in 2006 with 30,457 and the record low was in 2021 with 2075.  May 2023 shows active listings at month end of 5228.


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 .


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