Prices for metro Denver-area homes rose for the first time in four months, albeit slightly. But the inventory of available for-sale homes continues to increase as does the time it’s taking to sell that inventory, according to the most recent Denver Metro Association of Realtors Market Trends report.

The average price for a Denver-area home stood at $671,024 in September, up 2.2% from August and 8.41% from a year ago. The median price also ticked up, less than 1% from last month to $580,000. That’s still a healthy 9.43% increase from the median price in September of 2021.

Average and median sales prices dropped, or were flat, all summer long.

The number of listings jumped to 7,683, up 10.72% from the prior month and a whopping 93.48% from a year ago. Days-on-market average stood at 26 days in September, up 100% from a year ago, according to the report.

“I believe we are moving toward a balanced market, which we haven’t seen in over 16 years,” said Libby Levinson-Katz, chair of the association’s Market Trends Committee. “A traditional cycle for the Denver real estate market is seven years. Due to an economic crash and a global pandemic, the cycles were extended, but a correction is needed.”

Levinson-Katz pointed to an oft-used statistic for Realtors — number of months of inventory. Metro Denver is reaching two months worth of inventory, with some submarkets close to three months — namely homes selling for $100,000 to $199,999 and those costing more than $1 million.

“Traditionally, a market with less than three months of inventory is considered a seller’s market,” she said in the report. “In direct relation to that, a market with more than six months of inventory is considered a buyer’s market, which means that three to six months of inventory is defined as a balanced market.”

The number of closings in September dropped 8.4% from August to 4,113. That’s also down 27.6% year-over-year.

“The market is entering a period of neutrality where the bullish ways of extreme markets make way for a stage of compromise, with buyers and sellers working together for a win-win experience,” Levinson-Katz said.

The association uses data from the 11-county metro Denver-area when it compiles its Market Trends Report.

Prices for metro Denver-area homes rose for the first time in four months, albeit slightly. But the inventory of available for-sale homes continues to increase as does the time it’s taking to sell that inventory, according to the most recent Denver Metro Association of Realtors Market Trends report.

The average price for a Denver-area home stood at $671,024 in September, up 2.2% from August and 8.41% from a year ago. The median price also ticked up, less than 1% from last month to $580,000. That’s still a healthy 9.43% increase from the median price in September of 2021.

Average and median sales prices dropped, or were flat, all summer long.

Great American Beer Festival returns to Denver this week

The number of listings jumped to 7,683, up 10.72% from the prior month and a whopping 93.48% from a year ago. Days-on-market average stood at 26 days in September, up 100% from a year ago, according to the report.

“I believe we are moving toward a balanced market, which we haven’t seen in over 16 years,” said Libby Levinson-Katz, chair of the association’s Market Trends Committee. “A traditional cycle for the Denver real estate market is seven years. Due to an economic crash and a global pandemic, the cycles were extended, but a correction is needed.”

Levinson-Katz pointed to an oft-used statistic for Realtors — number of months of inventory. Metro Denver is reaching two months worth of inventory, with some submarkets close to three months — namely homes selling for $100,000 to $199,999 and those costing more than $1 million.

Out-of-state business location specialists critique metro Denver

“Traditionally, a market with less than three months of inventory is considered a seller’s market,” she said in the report. “In direct relation to that, a market with more than six months of inventory is considered a buyer’s market, which means that three to six months of inventory is defined as a balanced market.”

The number of closings in September dropped 8.4% from August to 4,113. That’s also down 27.6% year-over-year.

“The market is entering a period of neutrality where the bullish ways of extreme markets make way for a stage of compromise, with buyers and sellers working together for a win-win experience,” Levinson-Katz said.

The association uses data from the 11-county metro Denver-area when it compiles its Market Trends Report.

Denver home sales prices continue slide in August