While May provided some bright spots for metro Denver’s home sales market — namely more new listings than April for buyers to choose from — the market still feels off according to a Market Trends Report released earlier in June by the Denver Metro Association of Realtors Saturday.

That’s likely due to the 30% drop in sales volume year-over-year, from $4.18 billion in May 2022 to $2.91 billion last month.

But new listings climbed to 5,180 in May, an 8.9% increase from April. But that's still down 23.9% from the same month last year when the extreme seller’s market was finally starting to wind down.

For perspective, throughout the previous 10 years, inventory this time of year tends to be in the mid-7,000s, with the height in May of 2019 of 8,796, according to the report.

Another bright spot in the report included the “active listings at month’s end” category, which stood at 5,228 in May, 13.2% higher than April and 43.2% higher than May 2022 "showcasing a slower absorption of listings on the market."

Buyers closed on 4,167 homes — both single family and condominiums — which is down 28.7% from last year but up 6.7% from April. The average sales price climbed 2.7% month-over-month to $697,534, while the median sales price also climbed 2.6% from April to $595,000. Both were down slightly from 2022’s prices, 2.3% and 3.3% respectively.

That above $1 million market saw the largest increase in inventory of any segment with 785 new listings in May, up 19.3% from April. Pending sales also climbed 6.93% month-over-month, closed sales at 12.84% and sales volume at 13.2%, according to the report.

For the overall market, the average time it took to sell a home dropped to 22 days in May from April’s average of 28 days. In May 2022, homes were selling in the still-hot market in just 9 days. The “closed-price-to-list-price” ratio continues to fall: 100.5% in May compared to 105.3% last year.

If becoming a homeowner is on your goal list for 2023, now is a great time to start the process. Give one of the experienced professionals at Metrowest a shout today – we’d be happy to discuss your options!