According to the Colorado Association of Realtors monthly report, despite a double-digit percentage increase in new listings on the market, the continued low inventory and interest rates that hover around 7% hindered potential buyers in May.

While the median prices of statewide and Denver metro area remain below last year’s record highs, limited inventory pushed prices up for the fourth month.

If you haven’t noticed as many “sold” signs in your neighborhood you’re not alone, with roughly one-third fewer sales taking place across freestanding homes and condos alike this May.

Despite the limited inventory, sellers can’t bank on anything selling and must make necessary improvements before listing their homes.

Advice to sellers: if you’re looking for top dollar, then your home better be priced ‘right on’ and your condition needs to be superior to your competition.

Advice for buyers: you do have more opportunity and a bit less pressure but don’t get complacent, as that well-priced, good condition property in that ‘just right’ location is experiencing multiple offers in just a few days on the market.

Statewide stats:

• New listings decreased by 21%, from 14,398 in May 2022 to 11,414 in May this year.

• Sold listings decreased by 23% from 11,319 in May 2022 to 8,737 last month.

• Median sale price dropped 3% from $556,000 in May 2022 to $539,900 last month.

• Number of days on the market increased 77% from 22 days in May 2022 to 39 last month.

• Percentage of list price received dropped 4% from 104% in May 2022 to 100% last month.

Metro Denver stats:

• New listings decreased by 22%, from 8,515 in May 2022 to 6,646 in May this year.

• Sold listings decreased by 24% from 6,877 in May 2022 to 5,260 last month.

• Median sale price dropped 4% from $601,405 in May 2022 to $576,400 last month.

• Number of days on the market increased by 160% from 10 days in May 2022 to 26 last month.

• The percentage of list price received dropped 4% from 105% in May 2022 to 100% last month.
  
  

2023 is proving to be an unusual year in the Mile High City in terms of real estate, with many industry pros feeling like we haven’t had the spring and summer selling seasons we normally see. Still, there’s benefits to selling and advantages to buying during this somewhat tricky time. If you’re considering doing either, give Metrowest a shout and let’s discuss your options!