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Rob Childs's Blog
Market Shift 10/4/23
Posted On: October 4th, 2023 5:39PM
Despite a notable market shift, first-time homebuyers are taking advantage of opportunity
While the market was unpredictable this spring, the Denver Metro is seeing the traditional seasonal slowdown in residential sales as fall takes over.
New listings dropped 5.92 percent to 4,589 homes, while active listings at month’s end rose 11.24 percent to 7.629 listings. Pending sales also fell 9.29 percent, closed sales declined 20.88 percent and, as such, sales volume declined 20.88 percent. Months of inventory jumped 47.24 percent to 2.4 while median days in MLS jumped 27.27 percent to 14 up from 11 days last month, which is a 12.5 percent decline year over year. While inventory is growing, the median price point also grew 0.69 percent up last month to $585,000 which is also an increase year-over-year of 0.86 percent. Additionally, the close-price-to-list-price ratio was up 0.31 percent year over year to 99.19 percent.
