Monthly Market Newsletter

Denver Metro and El Paso County are experiencing two very different markets the last month. Patience is much needed for those Denver buyers. With historically low inventory, buyers are bidding their time waiting for new properties to hit the market. Inventory remains extremally tight as homes go off the market almost as quickly as they become available. 

El Paso County saw prices remain essentially flat and actually declined 5.3% from 2022. This may be a little bit of a fluke based on homes that actually closed before month end, as the prices on pending transactions appear stronger. While prices will likely not hit the overall peak from last year, continued increases from current levels are likely over the next several months. The median for homes closed was 100% of asking price, and the median time on market dropped in half from March but not at the rate Denver was seeing! The inventory of unsold homes was only 1,590 homes. This represents only a 1.46 month supply at the current rate of sales, which also indicates a moving back into more of a sellers market.

As of right now, rates are still in the mid to upper 6%’s for conventional and low 6’s for VA. While the increase in rates will certainly impact a buyer’s purchasing power, there are also programs to help lower the rates temporarily for some buyers. It’s important to note that we still expect home prices to continue to rise, even if at a slower rate. Pent up demand appears to be fueling the market more than lower rates, so if rates do drop as they are expected to, things could get even interesting. Waiting to buy could cost you in the long run. Buying sooner than later allows you to lock in a lower price with the opportunity to refinance later when rates lower.

(If you have questions or want a more in-depth look into how this data can help you sell or buy let's talk!)