Metro Denver Real Estate Market Update – March 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

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.

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.