Denver Market Insights: June 2023
The Platte River flows through Confluence Park in downtown Denver
Welcome to Iron Works Realty's monthly market report, where we provide you with an in-depth analysis of the Denver real estate market. Whether you're a home buyer or seller, this report will equip you with valuable insights into the current state of the market. In June 2023, the Denver metro area witnessed some notable shifts, influencing buying and selling decisions. Read on to discover the latest trends and statistics that will help you make informed decisions for your real estate journey.
Source: REColorado Denver Metro Area Market Watch
Homes Closed in the Denver Metro Area
In June 2022, there were 5,324 homes closed in the Denver metro area, compared to 4,266 homes closed in June 2023. This represents a 20% decrease year over year. The decline in closed transactions indicates a slightly slower market activity in the past year.
Median Closed Price
The median closed price in June 2022 was $612,250, while in June 2023, it stood at $599,820. This marks a 2% decrease year over year. The decrease in median closed price suggests a slight shift in pricing dynamics, potentially presenting favorable opportunities for buyers in the Denver market.
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New Listings
June 2022 recorded 7,391 new listings, whereas June 2023 saw a decrease to 5,462 new listings. This accounts for a 26% decrease year over year. The decrease in new listings indicates a potential shortage of available properties on the market, resulting in heightened competition among buyers.
Median Days in MLS
The median days in the Multiple Listing Service (MLS) increased from 5 days in June 2022 to 7 days in June 2023. This represents a modest increase of 2 days year over year. The slight increase suggests that properties may be staying on the market for a slightly longer duration before finding a buyer.
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Pending Listings
In June 2022, there were 4,574 pending listings, compared to 4,367 pending listings in June 2023. This reflects a 4% decrease year over year. The decline in pending listings indicates a slight slowdown in buyer demand, potentially providing more negotiation power for buyers in the current market.
Weeks of Inventory
The number of weeks of inventory increased from 5 weeks in June 2022 to 6 weeks in June 2023. This represents an additional week of available inventory year over year. The increase in weeks of inventory suggests a slightly more balanced market, giving buyers a wider selection of homes to choose from.
Wrapping Up
In June 2023, the Denver real estate market displayed some interesting trends and shifts compared to the previous year. With a decrease in closed transactions, median closed price, and new listings, buyers may find a more favorable environment to make their move. The increase in median days in MLS and weeks of inventory indicates a slightly less frenzied market, potentially affording buyers more time to evaluate their options.
If you're considering upgrading your current home or moving to a new neighborhood, now is a great time to explore the Denver market. As an experienced Denver real estate agent, I can guide you through these market dynamics and help you find the perfect home that aligns with your lifestyle and preferences.
Reach out today to discuss your real estate goals and start your journey toward finding your dream home in the vibrant Denver metro area.
Disclaimer: The statistics and trends mentioned in this report are based on data available as of June 2023. Real estate markets are dynamic and subject to change. It is recommended to consult with a qualified real estate professional for the most up-to-date information and personalized advice.
