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Greater Metro Denver Market Report | October 2023

The Denver Metro Housing Market experienced some changes in October 2023. We observed a minor decrease in selling prices and an increase in days on the market. This shift slightly favors buyers, but they are now facing higher rates than the previous year. Despite current mortgage rates suggesting potential downward pressure on pricing, the limited inventory has kept prices relatively stable, with a slight decrease. October marked the usual seasonal slowdown in the Greater Metro Denver residential market. Both active and closed listings for attached and detached properties declined when compared year-over-year and month-over-month. The average sales price for detached single-family homes saw a minor decrease compared to September (-1.03%), but it was still 3.24% higher than the same period last year. Sales for detached single-family homes fell to 2,084, representing an 8.60% decrease month-over-month and an 11.43% decrease year-over-year. The months' supply for both attached and detached properties was at 2.08 months, showing an 8% decrease compared to September, but a 3.82% increase year-over-year. In summary, while buyers are dealing with higher rates, the slight decrease in prices and increase in days on the market may offer some advantages. However, the lower inventory levels continue to influence the market dynamics.

Average Sales Price - The average sales price in October for detached single family homes decreased 1.03% month-over-month to $762,758. Attached single family (ASF) homes were up 0.76% month-over-month to $478,826. This was a 1.58% increase when compared to last year.

Average Days in MLS - The average days in MLS for both detached and attached in October in the metro area went up to 31 days, a 3.33% increase when compared to last month. Last year at this time we saw 26.5 days on average.

Active Listings -  Active detached single family listings decreased 9.89% when compared to last month to 4,928 homes. When viewed year-over-year, we saw a 24.08% decrease. Active attached single family listings were down 6.34% month-over-month to 2,142 units. This was a 4.88% decrease YoY.

Pending Listings - Pending listings in October for both detached single family homes and attached single family homes in the metro area were at 3,049 up 2.14% when compared to last month, but down 2.34% year-over-year.

Closed Listings - Sold listings decreased by 7.26% when compared to last month and were down 11.09% when compared to last year to 3,014.

If you are thinking about buying or selling, be sure to check out everything I offer.  If you have any questions, don't hesitate to reach out and I'm always happy to help and answer any questions about the housing market.

Doug Young
Managing Broker
M: 623.210.0902
O: 720.600.2182

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