What’s Happening in Denver’s Housing Market?
Here is what you need to know about Denver’s housing market.
Today we’re talking about what you need to know from last month’s housing market statistics.
As far as active inventory goes, there were 6,939 properties for sale at the end of August. This represents about a 6% decrease month on month but about a 94% increase year on year. Absorption was stronger in August than July, but we're seeing about twice as many properties available versus this time last year.
"For the first time in at least 10 years, Denver is showing a dip in population."
The number of closed homes was 4,221, representing about a 6% decrease month on month but over a 30% decrease year on year. So what does this mean for you? Active inventory going up and the number of transactions coming down shows that the market is shifting—it's becoming much more balanced.
The average price in our area last month was $657,284. That represents a decrease of almost 4.5% month on month, which is absolutely staggering. However, that’s still almost a 7% increase versus this time last year.
Interestingly enough, the latest census showed that for the first time in at least 10 years, Denver is showing a dip in population. I attribute that to a number of different things, including affordability. Folks want to be in the suburbs. A lot of folks want to be out west. We'll have to watch to see how that trend continues.
Meanwhile, the average number of listings active at the end of August from 1985 through this year was 15,900. Interestingly enough, the high was 31,644 in 2006, right before the bubble burst. The low was 3,582, which was just last year. Another interesting point is now that our market has shifted, 22.9% of sold homes had a seller concession, and the average concession was $3,761 in 2022. Now, up to 29.2% of homes have a seller concession, and the average amount is $5,015.
If you have questions about this market update or anything else, please call or email me. I am always willing to help!