Denver Market Insights: July 2023
Wall art in the River North / Ball Park area of Denver
Are you considering making a move in Denver? Whether you're looking to upgrade your current home or settle into a luxury neighborhood, understanding the latest market trends is essential. Here’s how the metro area market landed in July.
Closings and Activity
In July, the Denver housing market saw a 14% decrease in closings of existing homes compared to the previous year. While this decline is not uncommon for July due to summer vacations and the July 4th holiday, it's essential to note that there was also a 12% decrease in closings compared to June. This suggests a temporary slowdown in market activity during this period.
Source: REColorado
Median Home Price
The median price of a home in the Denver Metro area was $591,200 in July. While this reflects a minor decrease of less than one percent compared to the same time last year, it's worth highlighting that there was a 1% dip in home prices from June to July. This shift follows five consecutive months of month-to-month price increases, indicating a potential leveling off of prices in the market.
Market Movement
Homes in the Denver Metro area moved off the market at a median rate of 9 days in July, indicating a brisk pace of sales. However, there was a slight decline in buyer activity during the month. The number of listings pending sale dropped by 3% compared to the previous year and 1% compared to the previous month, suggesting a momentary dip in demand.
The metro area offers a wide variety of unique and charming neighborhoods. From historic homes to luxury new construction you can find what you’re looking for in Denver.
Fresh Listings and Leasing Activity
Sellers brought 4,817 new listings to the market in July, marking a 24% decrease from the previous year and a 12% decrease from the previous month. This reduction in new listings could be attributed to various factors affecting the real estate market.
Interestingly, the number of listings leased using the REcolorado MLS experienced a significant uptick of 24% from the previous July. Additionally, the median leased price in July increased by 3% compared to the same time last year. As of the end of the month, there were 544 active rental properties on the market, providing a range of options for those looking to lease a property in the Denver area.
Denver’s famous Big Blue Bear
Looking Ahead
As a Denver real estate agent, I understand the importance of staying informed about market trends. While July showed some signs of a temporary slowdown in the Denver housing market, these shifts can offer opportunities for both buyers and sellers. If you're considering upgrading your current home or exploring luxury neighborhoods, it's crucial to work with an experienced agent who can provide insights and guidance tailored to your needs.
Whether you're looking to buy or sell, the Denver real estate market offers a dynamic landscape with potential for growth and change. To navigate these opportunities successfully, reach out to me today. As your dedicated Denver real estate partner, I am committed to helping you achieve your housing goals in this vibrant and evolving city. Contact me to find your place today.
