There were 14,000 single-family homes, condos and townhomes for sale around the Denver metro at the end of July.
That meant homebuyers had more options than at any time since 2011 — though it was only a slight increase in inventory from the month before, according to the latest report from the Denver Metro Association of Realtors.
Housing inventory is piling up because homes are selling more slowly. Just a few years ago, most homes were selling in under a week. But the typical single-family home now takes 20 days to sell, and some sit around much longer.
The DMAR report covers 11 counties around Denver, including Boulder, Jefferson, Douglas, Adams and Arapahoe.
The slower pace of sales also gives buyers more time and leverage to ask for inspections, repairs and other concessions from sellers. But, at least for single-family homes, sellers still aren’t dropping their prices much.
The typical closing price for a single-family home was $650,000 in July, a reduction of less than 1 percent from a year earlier.
“Buyer activity has slowed, yet pricing remains relatively stable,” wrote Amanda Snitker, chair of DMAR’s Market Trends Committee, in the monthly report.
Real-estate experts say persistently high prices — and higher borrowing costs — might be holding buyers back.
The changes have been more dramatic for condos and townhomes. Prices for those units slid 6 percent over the last year — bringing the median closing price to $390,000.
Overall, while the Denver region’s housing prices have hit a plateau, it’s a high plateau. Prices for all units, including single-family and attached, spiked in 2022 as the pandemic disrupted the market, and they remain close to those levels today.
Want to share your experience buying or selling a home? Drop a line. I’m especially curious to hear about condos and townhomes.
