Across the Denver metro region, the number of home sales that closed in May slowed from 2024.

Homes are also now waiting for a buyer longer. And the number of homes available on the market reached its highest level since 2011, a time when the region was recovering from the 2008 housing bubble crash.

Denver is in a buyer’s market, according to real estate company Redfin, as the number of sellers have outnumbered buyers by as much as 42%.

But one thing that has yet to cool down much? Denver’s high housing costs.

Most homes sold for at least $600,000 in May, remaining unchanged year-over-year, according to a report from the Denver Metro Association of Realtors released Wednesday.

So what’s going on?

Denver’s housing supply has been accumulating over the last year.

There’s more sellers putting their homes on the market this year and there’s not as many buyers to absorb the supply, causing a build up of inventory.

Amidst the height of the spring selling season, DMAR’s report said active listings in May were up nearly 50% from the same time last year, which was already experiencing the start of the inventory surge.

“The new inventory is just slightly outpacing what’s going under contract, and that’s been happening for months now, and so it’s just building an accumulation,” said Amanda Snitker, chair of the DMAR’s market trends committee.

The Denver metro region had about 13,600 listings at the end of May, the highest its been since 2011.

But in 2011, inventory was falling from the 2008 crisis. This time, inventory is trending upward, but its still far from the 26,300 listings the Denver metro saw at the peak of the Great Recession.

But the organization is still leaning away from calling it a buyer’s market unlike some national real estate companies, as there are still many homes that are selling fast, creating a split between properties that are ready to move in or not.

But Snitker said it is the most favorable environment for buyers in years.

“We have properties that are really put together well, and they’re in great locations and very desirable, and they’re priced appropriately and those properties are still selling very quickly,” Snitker said.

Most homes in May sold within 13 days after being listed, which would be a sign of a strong market, according to Snitker. But the average days listed is 33 days as some homes are staying on the market much longer.

“There is stagnation in a good portion of inventory,” Snitker said.

But the quickly-selling homes are also contributing to the higher home values. The local realtor association tracks data based on the sales that occurred in the month, and the quick-selling homes have been helping drive the data.

“Those are the properties that are maintaining the reported sale price,” she said.

But the high prices aren’t expected to stay high for long if the trends continue. As supply and demand goes, the growing inventory is expected to put pressure on the price eventually.

“It is very possible that as we go into the later part of the year that we start to see pricing decrease a little bit,” Snitker said.