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
Inventory continues to be a challenge as we only have about 3,800 active listings on the market, and that is 8% less than last month, but 208% better than March 2022.
As we study the new listings each week, the market continues to put more homes in pending status than the number of new listings that come on the market!
Buyers are truly gobbling up most of the new inventory, however we do see some subtle changes as buyers are slower to make decisions while assessing affordability.
Multiple offers are still happening, but only if the home shows well, is priced correctly and mostly below $600,000 or above $1 Million or has a unique or desirable location.
Mortgage rates continue their roller coaster, as Inflation is very stubborn and slow to return to normal!
Buyers: Now is the time to get out and look at this new spring inventory! You will be surprised at your choices and more reasonable negotiations.
Sellers: It is time to plan seriously your preparation for putting your home on the market. This market will reward you well, if you prepare your home to show well, price it correctly and have a professional marketing plan.
AVERAGE DAYS ON MARKET FEBRUARY 2023 49 DAYS 2022: 14 DAYS UP 250% 45 DAYS 2022: 16 DAYS UP 181.25%
ACTIVE INVENTORY FEBRUARY 2023 2,618 2022: 853 UP 206.92% 1,160 2022: 373 UP 210.99%
FEBRUARY 2022 FEBRUARY 2023
UP 208% UP 208%
AVERAGE SOLD PRICE
(YEAR OVER YEAR)
SINGLE FAMILY 1 YEAR
+3.11% CONDO 1 YEAR
SOLDS FEBRUARY 2023 1,902 2022: 2,383 DOWN 20.18% 759 2022: 1,159 DOWN 34.51%
TOTAL # SOLD (HOUSES & CONDOS – FEBRUARY 2023) 2,661 LAST YEAR: 3,542 DOWN 24.87%
AVERAGE SALES PRICE (HOUSES & CONDOS – FEBRUARY 2023) $657,921 LAST YEAR: $649,536 UP 1.29%
Metro Denver Area Luxury Market Update
The luxury market in Denver is taking off in many neighborhoods.
The listings that are seeing the most success are prime properties with good locations and either newer construction or significant updating – Buyers are looking for turn key properties.
These homes are generally selling in the first 7 days on the market and Sellers are achieving their list price and some times exceeding their list price due to multiple offers.
Average sales prices have increased by 13.7% over this time last year.
For the properties that don’t sell immediately the average days on the market for single family homes is 57, up from 20 days this time last year.
If Sellers come on the market at a price that is perceived by the market as being too high due to updating needed, then price reductions are happening to attract Buyers.
Average price reductions are in the order of 8% so there are great opportunities for Buyers who are willing to do some improvements to a property.
AVERAGE DAYS ON MARKET FEBRUARY 2023 57 DAYS 2022: 20 DAYS UP 185% 50 DAYS 2022: 50 DAYS No change
NEW LISTINGS FEBRUARY 2023 432 2022: 376 UP 14.89% 62 2022: 49 UP 26.53%
TOTAL # SOLD (HOUSES & CONDOS – FEBRUARY 2023) 241 LAST YEAR: 348 DOWN 30.75%
AVERAGE SALES PRICE (HOUSES & CONDOS – FEBRUARY 2023) $1,747,335 LAST YEAR: $1,536,025 UP 13.7%
AVERAGE SOLD YTD
SINGLE FAMIlY 1 YEAR
-7.3% CONDO 1 YEAR
TOTAL SOLDS YTD FEBRUARY 2023 381 2022: 505 DOWN 24.5% 52 2022: 66 DOWN 21.2%