Real estate market in Denver continues to show resilience in August. The average price for single-family homes stood at $782,462, showing a slight increase from the previous month when it was $782,240. However, year-over-year, there has been a notable uptick of 4.77% in the average price.

At the end of the month, the median price for both segments stood at $582,000. This represents a slight decrease of 1.36% compared to the previous month, but it is still up by 1.22% from the same time last year.

More notably, the active listings at the end of the month showed a significant 8.87% month-over-month increase, reaching a total of 6,858. In comparison, the active listings at the end of July were 6,299 for the real estate market in Denver. Despite this month-to-month increase, there is still a 1.17% year-over-year decrease in active listings.

Pending sales inched up slightly to 3,845, showing a modest increase of 0.76% compared to last month. However, there is a noticeable year-over-year decrease of 13.91% in pending sales for the real estate market in Denver.

The median duration that a home remains listed on the MLS rose to 11 days, representing a notable increase from the 9-day period noted back in July. This increase signifies that homes are spending a longer time on the market, leading buyers to seek negotiations on the price and request concessions for rate buydowns or inspection-related matters.

In August, closed sales amounted to 3,792, reflecting a 2.02% decrease compared to July’s figure of 3,870. When examining the year-over-year data for the real estate market in Denver, closed sales have fallen by 16.11%. This trend suggests that the Denver real estate market is gradually moving towards a more balanced state, where both buyers and sellers have a more equal footing.

Closed-price-to-list-price ratio remains in the 99th percentile, showcasing buyers and sellers are coming together to make sales happened without huge negotiation swings. Pricing in this market is a science. If a home is priced correctly, or even under market, it may still receive multiple offers. However, if the price is slightly high, then days on the market climb until you find the right buyer, or the right price.

The key takeaway from this month’s market update is that “the real estate market in Denver continue to show resilience and buyers and sellers are coming together to make sales happen”