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 the 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
Sales Price Breakdown
The average close price dropped 4.5% ($31k) as homes closed under list price on average for the first time since July 2020.
New Listings V. Closed Sales
The gap between new listings & closed sales was half what we saw in July as a seasonal inventory decrease meant fewer homes to market.
Days on Market by Segment
Buyers were more selective & patient as inventory stayed low & interest rates high, pushing days on the market from 13 to 19 days on average overall.
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.