During Labor Day weekend, we witnessed a substantial slowing in market activity and the statistics are telling. Pending Transactions declined 27.3% compared to previous weeks. The odds of selling dropped to their lowest levels in 2023, hitting just 42.0% and the months of inventory grew by a staggering 38.5%, reaching 2.2 months of inventory.
Home Prices Up 4.88% Percent From Last Year
- The average residence sold for $690,748 in August 2023
- The average single-family home sold for $782,462
- The average attached home sold for $483,651
August Interest Rates Update
Despite higher rates and lower purchase demand, home prices have increased due to very low unsold inventory.
The Bottom Line
The latest report from the Denver Metro Association of Realtors (DMAR) states that there are currently 6858 attached and detached homes available in the entire Denver Metro area. This is an increase in inventory month over month and down only 1.17% from August 2022.
Affordability remains a serious issue for Denver home shoppers. The median sales price is $582,000 this month which is slightly down from $590,000 in July.
New listings are down year-over-year with 4863 new homes hitting the market (down from 5182 last year).
Furthermore, “days on market” is up 36.84% percent from last year to 26 days.
Here are some quick stats about the Denver Market in August.
How Usaj Realty Can Help
Founded in 2011, Usaj Realty takes pride in assisting Denver homebuyers and sellers to reach their goals. We are available to assist you in beginning to create financial stability and securing generational wealth for the future.
Get in touch with ouroutstanding agentstoday to receive guidance on the Denver housing market.