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Report: Metro Denver’s home sales market shifting a bit toward buyers

By Dennis Huspeni August 3, 2022 | updated 3 years ago

Metro Denver’s home sales market continued its march in July toward a more balanced market between sellers and buyers as average home sales prices dropped again and inventory continued to rise, according to a Market Trends report released Wednesday from the Denver Metro Association of Realtors.

The report shows the average closing price for single-family homes and condominiums stood at $690,935 in July — down 3.33% from June, but still up a healthy 11.04% from July 2021. The median sales price dropped 2.46% from June to $595,000 in July.

The number of for-sale homes continued to climb as it did in June, to 7,361 — up 21.53% month-over-month and almost doubling (81.48%) the inventory level in July 2021. The amount of homes for sale at the end of June stood at 6,057, a 65.85% spike from May.

The balance has shifted more toward buyers, as the low inventory, rising sales prices and single-digit days on market that marked Denver’s home sales market for almost two years fade into the rearview mirror, said Andrew Abrams, chair of the Market Trends Committee, in the report.

“The stock market and cryptocurrency have many potential buyers hesitant to enter the real estate market,” Abrams wrote. Would-be buyers also face rising mortgage rates, which have climbed as the Federal Reserve has boosted interest rates in its crusade against soaring inflation.

“One of the primary indicators of a shifted market,” Abrams wrote, “is the close-price-to-list-price ratio, which was down to 100.81%.”

Abrams expects that ratio to dip below 100% in coming months. Homes had been selling for thousands or even tens of thousands above list price.

The average days on market increased to 13 in July, up 30% from June and up 44% year-over-year. The number of closings dropped 21.23% from June to 4,279 — which is also 31.61% lower than July 2021.

“We are still a long way from what many experts would consider a buyer’s market,” Abrams wrote in the report. “We have over 2,000 fewer properties on the market than we did three years ago and, during the last three years, the amount of standing inventory peaked in June and July. That was abnormal. Historically, the market doesn’t peak until August or September.”

The association uses data from the 11-county metro Denver area when it compiles its Market Trends Report.

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Dennis Huspeni

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