Market Update: May 2023

THE MAY STATS ARE IN

Spring felt like a failure to launch, which has led to a summer kick-off where the natural rhythm of the Denver real estate market simply feels off.

We thrive on predictability, and this current market feels uncertain. While new listings rose 8.87 percent month-over-month to 5,180, we are still down 23.94 percent from last year when we had 6,810 new listings. For perspective, the new listings graph shows that in 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. Today, we are sitting at 5,180 new listings. Month-over-month closed sales were up 6.71 percent to 4,167, the median sales price rose to $595,000 from $580,000 and days in MLS went to six median days as opposed to four days last year.