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Denver Metro Area Market Watch

Highlights April 2023

  • Inventory levels were held in check in April as homeowners choose to stay in place in lieu of listing their homes for sale. The number of fresh home listings to hit the market was 29% lower than we saw this time last year. Year to date, the number of new Denver Metro listings was lower than we’ve seen in more than a dozen years.
  • Although home prices are down 7% year over year, the median closed price of a Denver Metro home is still 10% higher than we saw in April of 2021. Homes prices are holding strong thanks to high demand and a lack of inventory.
  • We typically see a seasonal increase in closings from March to April as warm weather sets in and buyers seek to move during the summer months. That was not the case this April as the number of closings decreased due to a lack of inventory, along with higher interest rates. On the positive side, there was a month-over-month uptick in buyer activity with 12% more contracts written on homes in April than in March.
  • The number of properties that were leased using REcolorado MLS increased by 58% this April compared to last. Additionally, the Median Leased Price is up 7% year over year.