Colorado Market Minute with Michell

April 2023

Source: Denver Metro Association of Realtors 

Percent changes calculated using year-over-year comparisons.

New Listings were down 29.1 percent for single family homes and 25.5 percent for townhouse-condo properties. Under Contracts decreased 13.9 percent for single family homes and 17.0 percent for townhouse-condo properties.

The Median Sales Price was down 6.9 percent to $614,170 for single family homes and 6.7 percent to $414,320 for townhouse-condo properties. Days on Market increased 191.7 percent for single family homes and 200.0 percent for townhouse-condo properties.

Housing inventory remains tight nationwide, with only 980,000 units available for sale heading into April, a 5.4% increase from one year earlier, although the number of homes for sale is down compared to the same period in 2019, prior to the pandemic. The lack of existing inventory continues to impact home sales, and with only 2.6 months’ supply of homes at last measure, competition for available properties remains strong, especially in certain price categories, with multiple offers occurring on about a third of properties, according to NAR.