Michael RushReal Estate Broker, Keller Williams Realty DTC · Real Estate Broker at Keller Williams Realty DTC

July 2023 Colorado Market Update 🏘️

13 Jul 2023 · 2 min

Watch on YouTube

2:28

In this July 13, 2023 video, Colorado real‑estate specialist Michael (Mike) Rush provides a concise market update for the greater Denver area covering June 2023 data. He reports that the median single‑family home price held steady year‑over‑year around $800,000, while condo and townhome prices fell 3.9% to $481,000. New listings dropped 28% YoY but rose 6% MoM; active listings fell 20.5% YoY yet increased 7.2% MoM, leaving the market with only about 2.9 months of inventory. Pending sales are down 7.9% YoY but up 1.7% MoM. The price‑to‑list ratio slipped 2.7% YoY but remains above 100%, indicating sellers are pricing well. Days on market average 22 days, much lower than the 40‑day peaks earlier in the year. Rush interprets the data as a low‑inventory environment, not a bubble or crash, and predicts that as interest rates potentially improve in Q4 2023 and Q1 2024, buyer competition will rise and some resale inventory will re‑enter the market. He closes with a personal call‑to‑action offering his services to anyone needing real‑estate assistance in the Denver area.

Chapters

What's up everybody? This is Mike Rush, your Colorado real estate guide. I hope you had an awesome Fourth of July, and I just wanted to come and bring you some market statistics for the greater Denver area for the month of June. The single-family average stayed flat. Flat year over year, and it stayed right around $800,000. The condo and townhome average dropped about 3.9% to $481,000. New listings were down 28% year over year, but they actually ticked up again 6% when you look at month over month. Active listings were down 20.5% year over year, but they were actually up 7.2% month over month. As for pending sales, they're down 7.9% year over year, but they're up 1.7% month over month. Close price to list price was down 2.7% year over year from our record-breaking numbers in 2022, but it's still above 100%, which means people are pricing their homes pretty well. Days on market is at 22 days, which is much lower than the peak that we saw around January and February. when we're getting into 40 days on market. So we're still seeing homes go pretty quickly if they're priced right, if they're staged, and if they have good photography. So we still have super low inventory in Denver and nationally. We have about 2.9 months supply of inventory. So it's still not a market bubble, it's not a crash that's going to be coming. Sellers are taking a little bit more time and kind of waiting to put their homes on the market because they don't want to take a 7% or 6.5% interest rate. But as we start to get into Q4, and especially as we get into Q1 of 2024, I think we're going to have more favorable interest rates and we're going to see a lot more competition as far as buyers go in the marketplace. And some of that inventory, the resale inventory, is going to shake loose because of those interest rates reducing. As always, my name is Michael Rush, your Colorado real estate guide. If you or anybody that you know needs help with your real estate needs in the greater Denver area, I'd love to help you. I'll see you next time. Bye.