The data confirms that the Denver Metro area is no longer in a shifting market. Instead, it has shifted, and the real estate market is more balanced. Month-over-month, the market is down 3.33 percent but compared to last year, it is still up 11.04 percent, indicating that a more balanced market, combined with slightly decreasing interest rates, may create opportunity for those who previously felt burned out on the process.

One of the primary indicators of a shifted market is the close-price-to-list-price ratio, which was down to 100.81 percent. Buyers have become more specific about what they are looking for and frequently question if and how much below the asking price they can offer. Gone are the days when a seller can put a sign in the yard and expect their home to sell.

Every indicator points to the market shifting closer to a buyer’s market. The month-end active listings increased 21.53 percent last month. Pending and closed deals decreased, and days in the MLS increased by 30 percent. However, the market is still far from what many experts consider a buyer’s market. There are over 2,000 fewer properties on the market today than there were three years ago, and, during the last three years, the amount of standing inventory peaked in June and July, which was abnormal. Historically, the market doesn’t peak until August or September.

The market has seen 7.18 percent fewer homes closed than the previous year. However, even with fewer purchases, the market has transacted over $1 billion more in sales volume than the last year, indicating how high prices have soared from the previous year. This is also stated in the close-price-to-list-price ratio of 105.33 percent, down from the previous month.