Denver average house price settles at $803,510 in May. On a month-over-month basis, there was a slight decrease of 1.31% but still up 1.66% year-over-year when it stood at $790,377.

At the end of the month, active listings reached 9,159, marking a 31.03% increase from last month’s total of 6,990. Year-over-year, active listings saw a significant 75.19% increase, and the most astonishing 150.79% from this same time in 2022. For perspective, the average number of active listings in May, from 1985 to 2023, is 14,895. The record-high for active listings was set in April of 2006 with 30,457 listings, while the record-low was set in 2021 with 2,075 listings. Denver average house price in 2206 was $288,916.

New listings saw a modest increase to 6,966, representing a 16.51% rise from the previous month. However, when comparing May’s figures to the same period a year ago, new listings jumped by 33.88% from 5,203.

Months of inventory rose 16.58% to 2.18 months of inventory. Anything less than 3 months of inventory is still considered a seller’s market.

Pending homes experienced a slight uptick of 1.94% from the previous month to 4,265. Compared to the same time last year, pending homes have increased by 4.38%, suggesting some resilience in the market despite other economic pressures. This uptick indicates that buyer interest remains strong and the housing market continues to show signs of stability.

Closed sales also witnessed a month-over-month increase of 5.72%, reaching 4,198. However, in contrast to the same time last year, closed sales decreased by 5.41%. The Close-Price-to-List-Price ratio continues to remain in the ninety-ninth percentile.

Opportunities continue to present themselves in the condo market with the Denver average house price for condos now at $461,601. This represents a 2.44% drop from last month and a 4.89% decrease year-over-year.

This month’s takeaway “Sellers who prepare their properties to compete on the market will find themselves a purchaser more quickly. For buyers persistence will pay off once they find the right property.”