The Denver market is very cyclical. We normally see all of our appreciation in the first half of the year, and then the market starts to slow down. Buyers get weary after losing multiple offers (because they don't have a good agent who can get them a house), renters re-sign their lease for another year, and parents stop looking as they don't want to pull their kids out of school mid-semester. Normally, we see a small amount of depreciation for the remainder of the year, and this year is no exception. We saw ~1.6% depreciation last month, and I expect to see more depreciation in the following months.

Are we going to see the real estate market collapse? Likely not. We have 6,299 active listings on the market. In 2008, during the housing recession, we had ~26,000 homes on the market. We have too little supply to see a housing crisis.

The TLDR: Buyers - On average, houses are selling for less than list price. This means that the price, especially after the second weekend, is negotiable. Sellers - It's taking 14 showings to go under contract with 6.7 showings per property per month. Be patient if your house doesn't sell the first weekend, and don't rush to a price reduction too quickly.