Metro Denver Real Estate Market Update – December 2022

Our market update for the metro Denver area for December 2022 is broken down into All Residential, as well as Luxury Residential stats.

Below are links to download our update, as well as a breakdown of the stats in more detail:

• Metro Denver Area Residential Market Update
• Metro Denver Area Residential Luxury Market Update
• Metro Denver Area Residential Market Update Detailed Stats

Metro Denver Area Residential Market Update

• There are currently 6,253 Active Listings, which is 178% higher than last year at this time.
• New Listings are down -8% YOY, and Closings are down -19.5% YOY, which is the biggest reason we have more Inventory.
• The Average Price of a Single Family Home is $771,000 YTD, and Condos/Townhomes are at $480,745 which is just over 11% Appreciation for the year!
• The main reason for the slowdown in Closings has been the rapid increase in Mortgage Rates that peaked above 7% a couple of months ago.
• The slight decrease for Inflation recently has given us a Christmas Gift with Mortgage Rates declining to plus or minus 6%!

Buyers, some of the best values and housing inventory you will see are right now! Please take advantage of this unique time.

Sellers, if you need to sell, your homes always look fantastic over the Holiday Season and if marketed properly by your RE/MAX Professional, it will sell!

Please stay tuned next month as we share our Top 10 Predictions for 2023!

Metro Denver Area Luxury Market Update

The Denver Luxury Market is not crashing despite what you might be hearing in the media. We are finally reaching a market that is more “normal and balanced” where buyers can buy a home and make competent decisions, and sellers can still get a great price for their home.

This month’s data reflects what is happening across the luxury market, there are more active listings on the market, approximately 12% more than this time last year. This increase in listings is due to fewer properties going under contract with the shifting market, uncertainty with interest rates and also due to the seasonality of the year where it is typical for fewer homes sell.

The days on the market for single family homes has increased to 36 days, still very respectable for the luxury market and prices are holding stable with less than a 1% decline over last year. And while the total number of sold homes declined in November, the overall number of single family homes sold in the luxury market this year is up by more than 10%.

The “sky is not falling!” With interest rates trending down to around 6% most recently there are great opportunities for buyers to get a great house at a more reasonable price than earlier this year and at a decent interest rate.

Buyers are price sensitive, well priced homes in good neighborhoods are selling relatively quickly, over priced homes are requiring price reductions to get sold.

Sellers, this is not a market to be greedy in, it is very critical that your price is based upon the prices of homes that are selling most recently not the higher prices of this past spring.

Please stay tuned next month as we share our Top 10 Predictions for 2023!