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Increase in Homes Inventory

Compared to a year ago, nearly twice as many properties are currently on the market in metro Denver, according to a monthly update from the Denver Metro Association of Realtors.

At the end of June, buyers had four times more choices than they did at the beginning of the year – 6,057 vs. 1,477 – after struggling with record-low listings.

However, that may prove to be a small consolation. Home buyers have been priced out of the market by significantly higher mortgage rates and higher home prices, which has resulted in a rise in inventories.

“The stock market, inflation and cryptocurrency have all taken a hit in the last few months. Housing will eventually be a victim to the economy as a whole, but just how much is yet to be seen,” said Andrew Abrams, chairman of the DMAR Market Trends Committee, in comments accompanying the report.

According to Abrams, it is only a matter of time before the surplus inventory affects prices, how long it takes to sell a home, and the lopsided power balance between buyers and sellers.

A listing spends an average of 10 days on the market, about the same as last year. June’s median price for a single-family home sold was $673,873, up 0.58% from May and 12.3% from last year. Condo prices last month were $430,000, flat from May, and up 13.5% from a year ago.

Among metro Denver home sellers, 46.9% reduced their listing prices in May, which is the third-highest ratio in the country, after Provo, Utah, and Tacoma, Washington, according to Redfin. According to DMAR, the number of homes and condos sold in June dropped 12.4% from May and 23.6% from June 2021.

While the number of active listings has nearly doubled from the record-low for June of 3,122 reached last year, counts remain far below the 15,747 listings averaged for the month between 1985 and 2021. And the supply situation has a long way to reach the record high for June of 31,900 listings set in 2006 when the housing bubble was going bust.

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