Front Range Real Estate Market Update, May 5, 2023

The Fed raised interest rates again this week in an effort to control inflation. The rise in rates, which started in March 2022, has been the fastest rise in decades. Mortgage interest rates haven’t gone up this week, though, and are lower today than two weeks ago.

Our area’s prices are still down compared to a year ago but increased each month since February. Many buyers are taking a long time to find the right home, primarily because finding something affordable is challenging.

Inventory is up compared to recent months and compared to a year ago, but we’re still at low levels compared to historical averages. There are typically about 14,296 homes for sale in April. This year, there were only 4,620. New listings were down 6.71% last month compared to the month before. We ended the month with more homes for sale than a year ago, but new listings were down almost 31% year-over-year. The relative lack of homes for sale is causing prices to climb.

Take a look at what happened in our local market last month:

Residential – Detached and Attached Homes

Average Closed Price: $682,061
+2.56% compared to March
-5.6% year-over-year

Median Closed Price: $580,000
+2.47% compared to March
-6.00% year-over-year

Active Listings at the End of the Month: 4,620
+2.3% compared to March
+44.19% year-over-year

Closed Homes: 3,701
-7.91% compared to March
-29.87% year-over-year

Days in MLS: 29
-21.62% compared to March
+262.5% year-over-year