- An indicator of a balancing market, homes closed on average $5,552 over list price, an 88% drop from the high mark of $47,560 in April.
- Available inventory continues to climb and is up 81% over last year as only 36% of available homes went under contract in July.
- Average days on the market jumped from 10 to 13 days as sellers adjust to a new pricing strategy and buyers are proving to be more patient.
Inside the Numbers
Sales Price Breakdown
The sales price is down across the board as sellers are lowering list prices and fewer buyers are overbidding on homes.
New Listings V. Closed Sales
New listings continue to outpace closed homes, further boosting inventory by 22%, even though both are down compared to last month.
Days on Market by Segment
Days on the market are up across all segments, jumping from 10 to 13 days overall, while most homes are seeing almost a full week on the market (6 days).
A sign we are inching towards a more balanced market, inventory continued to climb as only 36% of available homes went under contract.
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.