Metro Denver Real Estate Market Update – February 2023

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

• Active Listings are at 4,120 which is down 13% from December, mostly because of increased Buyer activity.
• New Listings in January were up 65% and Pending’s were also up 51% over December.
• The market is waking up from the late 2022 declines, and the typical Holiday Season distractions.
• The Average prices for Single Family detached and attached homes were both down a combined 1.5% from December, but this may change sooner than we expected.

Buyers will want to start looking sooner than later to take advantage of the current lower prices and interest rates, and beat the Spring activity that begins very soon.

Sellers will want to re-engage and prepare your homes quickly if you need to sell this year. You will want to be realistic in preparing and pricing, but don’t need to break the bank in preparing your home. Buyers are active now, and looking for new inventory to come on the market. A well prepared, priced and marketed property can still expect to sell in 2-3 weeks with the possibility of small bidding wars again.

As always, all areas and price ranges are not created equal so please let us know how we can help with the best experience and advice available in the Denver Market today!

Metro Denver Area Luxury Market Update

The luxury market in Denver is starting to take off for the year. In many neighborhoods we are again seeing multiple offers and houses selling over asking price due to the low inventory in the market.

While average days on the market for single family homes has increased to 57, approximately 23% of listings are selling within the first 7 days on the market. The number of new listings coming on the market has decreased by 27% which has caused prices to increase 2.1% for closed properties in January.

The total number of sold luxury properties decreased in January by 18% but please remember this is actually reflecting under contracts from the slower months of November and December, the number of under contract properties is actually increasing.

What does all of this mean?

Buyers who need and want to move are out shopping and they are purchasing good properties that
are priced right. Properties that are not priced right which is about 48% of the luxury homes on the market are experiencing price reductions. So, there is good news for Sellers with low inventory and good news for Buyers with a fair amount of price reductions.