Our market update for the metro Denver area for February 2023 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
Baby boomers have roared back into the market as repeat buyers with equity and now make up 39 percent of homebuyers surpassing Millennials at 28 percent, who held this top spot since 2014!
This increase in Buyer activity has kept inventory lower than expected, but this varies depending on area and price range.
Days on Market have decreased from an average of 48 last month to 37 this month, and that’s a big change in one month.
Our active listings are at 4,516 which is up 20% from last month and 103% from this time last year and still lower than expected.
The average prices are sending mixed signals, as the Buyer demand increased last month, we saw the average price for a single family home at $743,000 which is up 2% from last month, however year to date the average price of a single family home is down 2.89%.
Townhomes and condos were an average price of $475,000 and that is a half percent less than last month, and the same YTD.
This is primetime in the real estate market, so Sellers if you need to sell or are just thinking about it, please call us soon and we can advise you with the best options available to maximize your equity.
Buyers, you will see some of the best choices and inventory right now as inventory grows, and interest rates are more favorable.
AVERAGE DAYS ON MARKET MARCH 2023 39 DAYS 2022: 11 DAYS UP 254.55% 33 DAYS 2022: 12 DAYS UP 175%
ACTIVE INVENTORY MARCH 2023 3,163 2022: 1,627 UP 94.41% 1,353 2022: 594 UP 127.78%
MARCH 2022 MARCH 2023
UP 103.33% UP 103.33%
AVERAGE SOLD PRICE
(YEAR OVER YEAR)
SINGLE FAMILY 1 YEAR
-4.16% CONDO 1 YEAR
SOLDS MARCH 2023 2,688 2022: 3,338 DOWN 19.47% 1,102 2022: 1,474 DOWN 25.24%
TOTAL # SOLD (HOUSES & CONDOS – MARCH 2023) 3,790 LAST YEAR: 4,812 DOWN 21.24%
AVERAGE SALES PRICE (HOUSES & CONDOS – MARCH 2023) $665,390 LAST YEAR: 702,201 DOWN 5.24%
Metro Denver Area Luxury Market Update
Luxury buyers are stepping back into the market in full force as the spring buying/selling season gets going.
Days on the market for a single family home has decreased from 57 days last month to 36 days this month, this is a significant decrease in a single month!
The average sales price of a luxury home this year is $1,652,866 which is 1.4% higher than this time last year when prices were peaking in the metro area.
Luxury single family home sales this year are 6.14% ahead of last years sales at this time and the number of listings on the market this month increased by 3.55% only slightly ahead of last year as good properties are getting gobbled up quickly and many selling at list price or above list price. Empty nesters with significant equity in their homes are fueling this part of the market.
If you are thinking about selling your home the spring season right now could be your best time this year as the market is starved for new listings.
And for buyers, not all homes are selling immediately when put on the market so there are still some great buys in the market with some sellers making price reductions which spells opportunity for buyers!
AVERAGE DAYS ON MARKET MARCH 2023 36 DAYS 2022: 17 DAYS UP 111.76% 30 DAYS 2022: 28 DAYS UP 7.14%
NEW LISTINGS MARCH 2023 642 2022: 620 UP 3.55% 73 2022: 76 DOWN 3.95%
TOTAL # SOLD (HOUSES & CONDOS – MARCH 2023) 386 LAST YEAR: 575 DOWN 32.87%
AVERAGE SALES PRICE (HOUSES & CONDOS – MARCH 2023) $1,652,866 LAST YEAR: $1,629,534 UP 1.4%
AVERAGE SOLD YTD
SINGLE FAMIlY 1 YEAR
-4.8% CONDO 1 YEAR
TOTAL SOLDS YTD MARCH 2023 735 2022: 1,015 DOWN 27.6% 98 2022: 131 DOWN 25.2%