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Metro Denver Real Estate Market Update – December 2022

Metro Denver Area Market Update

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

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!

AVERAGE DAYS ON MARKET NOVEMBER 2022 36 DAYS 2021: 15 DAYS UP 140.00% 30 DAYS 2021: 17 DAYS UP 76.47%

ACTIVE INVENTORY NOVEMBER 2022 4,572 2021: 1,444 UP 216.62% 1,681 2021: 804 UP 109.08%

ACTIVE LISTINGS 2,248  6,253 NOVEMBER 2021  NOVEMBER 2022 UP 178.16%  UP 178.16%

AVERAGE SOLD PRICE (YEAR OVER YEAR) +4.17% SINGLE FAMILY 1 YEAR +6.18% CONDO 1 YEAR

SOLDS NOVEMBER 2022 2,050 2021: 3,797 DOWN 46.01% 827 2021: 1,547 DOWN 46.54%

TOTAL # SOLD (HOUSES & CONDOS – NOVEMBER 2022) 2,877 LAST YEAR: 5,344 DOWN 46.16%

AVERAGE SALES PRICE (HOUSES & CONDOS – NOVEMBER 2022) $657,610 LAST YEAR: $628,301 UP 4.66%

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!

AVERAGE DAYS ON MARKET NOVEMBER 2022 36 DAYS 2021: 23 DAYS UP 56.52% 25 DAYS 2021: 33 DAYS DOWN 24.24%

NEW LISTINGS NOVEMBER 2022 245 2021: 218 UP 12.39% 41 2021: 34 UP 20.59%

TOTAL # SOLD (HOUSES & CONDOS – NOVEMBER 2022) 298 LAST YEAR: 431 DOWN 30.86%

AVERAGE SALES PRICE (HOUSES & CONDOS – NOVEMBER 2022) $1,575,684 LAST YEAR: $1,639,860 DOWN 0.39%

AVERAGE SOLD YTD NOVEMBER 2022 -0.98% SINGLE FAMIlY 1 YEAR +4.5% CONDO 1 YEAR

TOTAL SOLDS YTD NOVEMBER 2022 4,829 2021: 4,369 UP 10.53% 585 2021: 577 UP 1.39%

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