September 2025 Your Castle Real Estate Newsletter

Easing Into Fall: What August’s Numbers Reveal About Denver’s Market

As September settles in and the first hints of fall arrive, Denver’s real estate market is also showing signs of transition. While the data here reflects activity from August, it provides a glimpse of what we can expect as we head toward year-end. Summer’s rhythm has slowed, not in a dramatic way, but in the subtle, steady way the market often shifts with the seasons. Buyers and sellers are still active, but they’re moving with more patience and strategy than in the high-energy months of spring and early summer.

August closed with 13,059 active listings, down 6.69% from July but up 21.77% year-over-year. Historically, we expect a small dip in inventory as summer winds down, and this year followed that pattern — just more sharply than usual. The number of new listings also declined, with 4,686 homes entering the market in August, a 12.48% drop month-over-month and 8.42% decrease year-over-year. Detached homes saw a slightly smaller monthly decline than attached, but both segments are heading into fall with fewer fresh options coming online.

At the same time, homes are taking longer to sell. The median days on market for detached homes rose to 27 days, up from 21 in July and 19 a year ago — a 28.57% month-over-month increase. Attached homes saw an even steeper climb, hitting 44 days, up from 38 in July and just 26 last August — a 69.23% year-over-year increase. These extended timelines highlight a noticeable shift: buyers now have time to weigh their options, and they’re taking it.

Interestingly, while homes are sitting longer, buyer activity picked up in August. Pending sales increased 8.37% month-over-month and 10.33% year-over-year, signaling renewed interest, especially in detached homes where pending contracts jumped more than 10% compared to July. Closed sales, however, were down slightly, falling 5.83% month-over-month and 5.56% year-over-year. This mix of higher pending activity and fewer closings reflects a market in transition, with more deals in the pipeline but a slower pace to the finish line.

Prices held remarkably stable despite these shifting dynamics. The median sale price across all homes was $593,250, up just 0.81% month-over-month and 0.55% year-over-year. Detached homes saw a very slight median decrease to $649,000, while attached homes slipped to $385,000. Average prices followed a similar pattern: detached homes rose modestly to $796,546, and attached homes increased to $446,036. Stability here suggests that while inventory and days on market are changing, sellers haven’t been forced into significant price reductions — at least not yet.

A Rocky Mountain High-Priced Home Hits the Market

It’s always exciting when Colorado real estate makes national headlines—and this time, it’s for something truly remarkable. A 74-acre estate in Aspen, known as Little Lake Lodge, just hit the market with an asking price of $300 million, making it the most expensive home currently for sale in the U.S. It’s a jaw-dropping listing that shows just how high-end our market can go.

And despite its name, Little Lake Lodge is anything but little. The main home spans over 18,000 square feet, with 18 bedrooms, 20 full baths, and four partial baths. The property features its own private six-acre lake, parking for 45 vehicles, and stunning Rocky Mountain views along the Roaring Fork River—all just one mile from downtown Aspen.

The estate is owned by Stewart and Lynda Resnick, the California billionaires behind brands like Fiji Water and Pom Wonderful. The lodge was designed by the same architect who created Disney World's original Wilderness Lodge, Peter Dominick

What makes this estate especially unique is its sheer size and location. The listing agent, Mandy Welgos, credits the significant asking price to several features, including entitlements to the future construction of a second 19,750-square-foot-residence, three additional homes and an extensive trail system for hiking, cross-country skiing, and biking. It’s being described as a “legacy property”—truly one of a kind.

This listing has sparked a conversation about Aspen's identity. While a $300 million home "certainly captures attention," a real estate representative from the Aspen Chamber Resort Association points out that it doesn't "define Aspen's identity". Instead, it highlights the community's need to address affordability and sustain its diverse population.

For Sellers:

The trends we’ve been seeing for several months now remain in place. Buyers are cautious and selective, often willing to wait for the right home rather than rushing to compete. This means that homes need to be not only priced competitively but also carefully prepared before hitting the market. That includes deep cleaning, organizing, staging, professional photography, addressing known issues, and ensuring your marketing is high-quality and strategic. Even with all this, it may take longer to receive an offer, and initial offers may come in lower than expected. Staying patient and having a clear plan for timing and price adjustments is crucial to avoid chasing the market downward.

For Buyers:

The market continues to favor buyers in subtle ways. Inventory remains higher than last year, and with homes spending more time on the market, you have the luxury of choice and negotiating power. This doesn’t mean every home will sit — the best-prepared and most desirable properties still move quickly, sometimes with multiple offers. But overall, you can shop with less urgency and more leverage. Sellers are motivated, especially as we move into the slower fall and winter months, creating opportunities for well-prepared buyers who are ready to act when the right home comes along.