Metro Denver Market: Almost Twice as Many Homes for Sale from a Year Ago
The number of homes and condos available for sale in metro Denver surged by nearly two-thirds between May and June and nearly twice as many properties are now on the market compared to a year ago, according to the July report from the Denver Metro Association of Realtors (DMAR).
Buyers who have struggled with a record-low number of listings since the pandemic lockdown orders ended more than two years ago, had four tines the selection available to them at the end of June as they did at the start of the year…6,057 versus 1,477.
But that might prove small consolation. Inventories are rising because significantly higher mortgage rates and higher home prices have priced many would be purchasers out of the market.
The stock market, inflation and cryptocurrency have taken a hit in the last few months. Housing will eventually be a victim to the economy as a whole, but just how much is yet to be seen, according to a spokesman for DMAR. It is only a matter of time before the extra inventory will impact prices, how long it takes to sell a home and the lopsided balance of power between sellers and buyers.
Listings are spending an average of 10 days on the market, about the same as last year. And the median price of a single-family home sold in June was still rising, up 0.58 percent on the month and 12.3 percent on the year, to $673,873. The median price of a condo last month was $430,000, flat with May and up 13.5 percent from a year earlier.
Another report from a national real estate observer found that 46.9 percent of metro Denver home sellers had to lower their initial listing price in May, the third-highest ratio in the country after Provo, Utah and Tacoma, Washington.