Monthly Market Updates - May
Metro Denver’s housing market is hitting inventory levels not seen in over a decade—and with this comes a fresh opportunity for savvy buyers and sellers who are willing to play the long game.
According to a recent report from the Denver Metro Association of Realtors (DMAR), active listings reached 13,599 at the end of May, the highest number since 2011 and a 48% increase over last year. This influx of homes signals that sellers are back in force, creating what DMAR calls “a masterclass in patience.”
“Whether you’re a buyer waiting for the right home to hit the market or a seller holding out for the best offer, today’s conditions reward those who can pause, plan and stay engaged,” said Amanda Snitker, chair of the DMAR Market Trends Committee.
The Denver Post reports that metro Denver sellers now outnumber buyers by a 42% margin, with many would-be homeowners stepping back in the face of affordability challenges. The result? A backlog of listings that underscores “the importance of strategy and staying power for both buyers and sellers,” says Snitker.
Still, there’s movement. Homes in desirable locations and in turnkey condition are moving quickly. Detached homes are taking a median of 10 days to go under contract, which is 9% less than last month, while attached homes have a median of 25 days on the MLS, up 13% over April. Pending contracts—a forward-looking indicator of buyer activity—increased 6.88% from April to May, suggesting renewed interest heading into summer.
Prices, meanwhile, are holding steady. The average price for detached single-family homes rose to $808,891, a 0.73% month-over-month increase, while attached homes dipped 1.46% to an average of $437,829. That stability, combined with more selection, could be a winning combo for buyers who’ve been waiting on the sidelines.
The market is no longer defined by urgency, but by alignment. Sellers must be strategic, while buyers have more breathing room…but also more choices to weigh. In a shifting landscape, patience isn’t just a virtue, it’s a strategy. And, having a real expert on your side is key during this type of market. As Snitker notes, “Real estate is nuanced, and that nuance is where a skilled Realtor brings real value.”
