Denver's housing market is undergoing a significant transformation in 2023. The most striking change is the surge in available properties. As of June's end, there were 10,214 homes for sale in the Metro Denver area. We haven't seen inventory levels this high since 2013, signaling a major shift in the market dynamics.

Key inventory changes:

• 11.5% increase from May 2023

• 68.3% jump from June 2022

• Current supply: 2.78 months (3+ months is considered "balanced")

Interestingly, while overall inventory is up, new listings are down. June saw 5,825 new properties hit the market, a 16.4% decrease from May. This suggests that homes are staying on the market longer, contributing to the growing inventory.

The increasing inventory has led to a slowdown in sales. Here are the key sales figures:

• June closings: 3,678 (down 17.1% from May)

• Median days on market: increased from 9 to 12 days

Despite these shifts, home prices in Metro Denver continue to climb, albeit at a slower rate.

Price trends:

• Median home price: $665,000

• 1.06% increase from May 2023

• 1.56% increase from June 2022

For sellers, these changes mean adapting to new market conditions. They may need to consider:

• Updating their homes to stand out in a more competitive market

• Pricing their properties more conservatively

• Offering closing concessions to attract buyers

As Denver's housing market moves towards a more balanced state, both buyers and sellers will need to adjust their strategies. While the market is still favorable for sellers, it's no longer the extreme seller's market we've seen in recent years. As always, anyone looking to buy or sell should consult with a local real estate professional for advice tailored to their specific situation and neighborhood.