Colorado Real Estate News

Denver Market Trends

The Denver Metro market in November slowed amidst general market dynamics and the holiday season.
Detached active listings at month end dropped to 4,572, a 16 percent decrease from last month, while attached homes dropped 8.94 percent to 1,681. This represented a 216.62 increase year-over-year for detached homes and a 109 increase year-over-year for attached homes. While inventory increased over last year, the market is still witnessing the typical end-of-the-year inventory decrease from prior months. This is likely a result of homeowners choosing to either wait to list until after the New Year or who have removed their properties from the market ahead of the holiday season.

Average days in the MLS increased 20 percent month-over-month to 36 days, which is a 140 percent increase from this time last year.
The attached market also exhibited a 20 percent increase month-over-month to 30 days, which is a 76.47 percent increase from this time last year. As the active listings count has grown, days in the MLS (on the market) have also increased since May, in direct relation to interest rate increases. Interest rates affect many buyer’s ability to afford a home and as a result, buyers are taking more time to evaluate values, indicating that buyers are more discerning.

In November, the Luxury Market saw a significant new listing slowdown with only 286 luxury residences hitting the market.
This was the biggest drop in inventory from the prior month of any price segment sector, down 34 percent from October. The number of luxury homes that went under contract in November decreased by 18.75 percent, and the number of closed transactions decreased by 13.12 percent, month-over-month.

The most dramatic statistic for the entire market in November was the significant increase in how long a home sat on the market before going under contract.
In this regard, the Luxury Market fared the best of any sector, with the median days in the MLS increasing by only 50 percent, up to 18 days for a detached luxury home and 15 for an attached one.

*Updated December 8, 2022