Our market update for the metro Denver area for November 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

The Holiday Season is upon us, and one of the best gifts we can ever give is the opportunity to assist many individuals and families in their own personal homeownership!

As we come to a close on 2023, and look back at the challenges the Real Estate Market experienced
throughout the year, we are so grateful to be able to help you with your Real Estate needs.

We are quite optimistic for the market in 2024, and quite frankly one of the greatest gifts we see currently is an increase in housing inventory which is up almost 7% compared to November of 2022! The Active Inventory is fantastic news for Buyers during the winter months to see more homes for sale, and negotiate some favorable price and terms.

The second holiday gift is lower interest rates, which is helping affordability tremendously, and we see smart Buyers out looking at homes even in the snow.

Sellers, this is a great time to show your home adorned in your holiday décor, and we see the homes in great condition and priced correctly attracting offers within a week or two of listing. The homes that need some work or are priced too aggressively seem to linger on the market while buyers wait for two to three price reductions.

In the last 7 days in the Denver Metro Market, we have seen just over 1,000 new listings come on the market, and incredibly we have just over 1,000 homes that received a contract and into a pending status!

Sellers, if you need to sell, you should stay on the market!

Most importantly, at this special time of year please know our gratitude for each of you and enjoy precious time with family and friends!

We wish you a Merry Christmas, Happy Hanukkah, Happy Kwanzaa and enjoy a truly blessed Holiday Season!

Metro Denver Area Luxury Market Update

We are continuing to see a fair amount of strength in the Luxury Market with buyers still out buying the home that they want.

Days on the market are increasing but not in a dramatic way and the number of available properties on the market is increasing slightly in a time of year when we would typically see seasonality showing a decline in new properties on the market.

Amazingly prices have increased year over year by 2.4% which is very strong for a market in flux. Interest rates have come down in the 6.5% range, even in the jumbo loan market which is a significant reduction from just a few weeks ago when rates were around 8%.

Buyers are seeing the value of buying a new home now even at a higher interest rate in order to avoid future potential price increases in this segment of the market should interest rates continue to go lower.

Sellers are getting creative with interest rate buy downs and adjustable rate options and refinancing the higher interest rate is an option for the future. As always pricing a property is critical, those properties that are nicely updated or newer and are what buyers want in the market are selling quickly and some times with multiple offers and on the flip side, properties that are dated and/or not priced properly for the condition are sitting and seeing price reductions which are creating opportunities for some buyers.

Regardless of higher interest rates now is a great time to buy and it is also a great time for sellers to sell.