June was a landmark month for the central Denver real estate market, breaking three records and marking a significant moment in the past decade of home appreciation.
Record Inventory
Last month, we saw the highest number of homes on the market in the past 10 years, with 601 homes available. June typically has the most inventory, but this year’s figure surpassed the previous high of 561 homes in June 2019. For context, the ten-year average is 437 homes, and the low was 234 homes in 2021.
Record Low Sales
In a surprising twist, fewer homes were sold last month than in any other June over the past decade. June usually sees the highest number of closings, but only 205 homes closed this year, compared to the second-lowest number of 225 homes sold in June 2023.
Record Stability
Despite the increased supply and decreased demand, home prices have remained stubbornly steady. For the eighth consecutive month, the rolling 12-month median price has held firm at exactly $900,000. This level of price consistency is unprecedented in central Denver’s real estate history.
Looking Ahead
We anticipate that as the gap between supply and demand widens, prices will start to drop, especially as we approach the end of the selling season in the fall. Last month, 64 sellers withdrew their homes from the market, the highest June figure since 2014. While some sellers may have the luxury to wait, those who need to sell should consider pricing their homes competitively to attract buyers.