Check out our market updates in other Colorado Markets:
Colorado Springs Real Estate Market Updates- July 2023
Denver Market Stats and Observations for July 2023
Active Listings
- Down 14% in Jul ’23 vs Jul ‘22
- Homes were down 18%
- Condos were flat
- A recent Zillow survey shows that owners with a mortgage over 5% are 2x as likely to want to sell in next three years as owners with mortgage under 5%.
- Our active listing count of 6300 compares to a historical average of 15,700 for this time of year.
New Listings
- Down 24% in Jul ’23 vs Jul ‘22
- This is generally consistent with what we have been seeing for months, no new news here.
Pending (UC)
- Down 3% in Jul ’23 vs Jul ‘22
- Homes and condos were consistent.
- You will see headlines about how this is “an improvement”. It’s not. The comparison to last year is flawed, in that last year’s numbers are also below the historical trend. Recall the mortgage rates took off in Mar ’22, and by July ’22 things had slowed down a lot
Closed Count
- Down 18% in Jul ’23 vs Jul ‘22
- For the reasons in UC above, you’ll see that the ’23 numbers will “catch up” to the ’22 numbers in about 6-8 weeks.
- YTD, our Denver closed count is off 22% from last year.
Average Price
- Up 1% in Jul ’23 vs Jul ‘22
- In the trends classes I talk about how Sept / Oct ’22 was likely bottom dead center for pricing, and that prices have recovered very slightly (but consistently) since then. This continues to be the case.
- I’d expect the rest of the year to float in the -2% to +2% year over year change range.
- I don’t expect mortgage rates to really change much this year; they will likely stay in the 6.5-7.25% band.
- SOMETIME next year I think mortgage rates will decline (impossible, really, to know when). When they do, a surge of buyers will compete for a limited pool of active inventory, and you’ll see a temp spike in prices for a while.
- It would actually be smarter for a first time buyer to buy now and now wait.
- IF you are ONLY selling in Colorado, it’d be smarter to wait until the buyer surge when rates drop – you will get a better price.
- IF you are trading, you might as well act now, while there is less stress in the market, and just plan to refi later.
- I don’t expect any material price drop.
- YTD, our Denver closed count is off 2% from last year.
Marketing Time (DOM)
- Up 77% in Jul ’23 vs Jul ’22.
- Wow, that sounds awful. Better to say DOM has gone from 13 to 23 days, which is still quite low, historically.
- The median days on market is a little less, 9.
Discounts
- At ask price in Jul ’23 vs +1% over ask in Jul ’22.
- Better now for buyers.
- That nice buying window (it’s all relative!) will last until rates drop.
Denver Housing Trends for July 2023
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