June Market Report - Metro Denver
Last Month's Key Statistics
for Denver's Real estate Market
Attached & Detached Single Family Homes
The average sales price of $722,101 in May rose 0.2% from last month and rose 0.7% from last year.
Quick Stats:
- The average number of active listings for May between 1985 and 2024 is 14,510.
- The record-high May was in 2006 with 30,457 listings and the record-low was set in 2021 with 2,075 listings.
- The historical average increase in active listings from April to May is 8.9 percent. An increase of 13.7 percent this May represents a healthy increase from our seasonal observation.
Happy summer everyone!
The biggest story is the continued slow and steady increase in active listings. Listings are increasing while demand remains flat. This leaves the Denver market with the largest amount of active listings since 2011 -a whopping 7x increase in the last four years. I believe the only way to stop this trend is for demand to increase and buyers to start taking listings off the market at a faster pace. That likely won't happen until we see a significant decrease in mortgage rates to motivate buyers who are on the fence.
Despite the continued increase in listings, pricing is holding steady with year-over-year appreciation essentially flat. This is actually quite remarkable and shows the resilience and strength of the Denver market.
Keep in mind that there are many different sub markets within the larger market. Detached homes are performing slightly better than attached. And homes under $1.5M are doing better than those in the luxury market.
As always, please reach out for more detailed stats for your specific needs!
Best,
Zach Florence
Florence Realty Co. | Owner | Broker
