Denver Homeowners Delist Properties at Unprecedented Rate

The Denver housing market has recently witnessed an unprecedented rate of homeowners delisting their properties. A report by Realtor.com reveals a troubling trend in October, where four out of every ten homes newly listed for sale were removed from the market without being sold.

Delisting Rates in Denver

In October, Denver’s rate of delistings peaked at 39 per 100 new listings. This is a sharp increase from 30 delistings in September and 24 from the prior year. Only Miami surpassed Denver with 45 delistings per 100 new listings.

Factors Behind Delistings

Economist Jake Krimmel attributes this trend to a significant disconnect between buyer expectations and seller pricing. Many homeowners prefer to delist their properties rather than reduce their asking prices.

Market Snapshot

• Median Sale Price: Homes in Denver had a median sale price of $614,000 in October, marking a 4.4% increase from October 2022.
• Homes Sold: The number of homes sold has decreased by over 10% year-over-year.
• Market Days: Homes spent a median of 45 days on the market, which is an increase of nine days compared to last year.

Nationwide Trends

Across the United States, delistings surged by approximately 45% compared to the same period in 2022. Each month since June, about 6% of listings were withdrawn without a sale. This trend has made 2023 the year of the highest national delisting rate since tracking began in 2022.

Comparative Delisting Ratios

Here are the top cities with the highest ratios of delistings to new listings as per the recent report:

Economic uncertainties, high inflation, and shifting sentiment among buyers continue to inhibit activity in the housing market. As a result, the trend of delistings may persist in the coming months, leaving many sellers frustrated.