Highlights
An expected seasonal shift in the market meant 18.5% fewer homes were listed in August as we transitioned into the school year
Homes closed on average under list price for the first time in 2 years as sellers are realizing they can no longer price at the top of the market
Average days on market jumped from 13 to 19 days as buyers continue to show more patience with interest rates higher than earlier this year
inside the numbers
4,221
homes closed
sales price breakdown
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Average close price dropped 4.5% ($31k) as homes closed under list price on average for the first time since July 2020
5,170
new listings
new listings v. closed sales
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The gap between new listings & closed sales was half what we saw in July as a seasonal inventory decrease meant less homes to market
4,836
homes under contract
days on market by segment
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Buyers were more selective & patient as inventory stayed low & interest rates high, pushing days on market from 13 to 19 days on average overall
12,531
total homes available
inventory movement
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While new listings were down 18.5% from last month, overall available homes (new listings + active listings at month start) were up slightly
Data source: DMAR Real Estate Market Trends Report
The Denver Metro Area encompasses 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park.
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