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
This 2023 market actually mirrors the ebbs and flows of the markets we’ve seen between 2013-2019 with a few variations.
Most of the housing metrics remain fairly stable, however they also come with challenges and opportunities.
Through the 3rd Quarter of 2023, the number of New Listings and the number of Sold/Closed properties is down almost 21% which shows that the market is smaller, which is expected after the boom years of the Pandemic!
The most notable metric is that prices are holding steady for now, and the Average Price of a Single Family Home closed at $769,000 and the Attached Homes closed at $478,000 which are both only down approximately 1.0% from 2022!
Sellers, you have a smaller window for success before the Winter months settle in, so please price correctly, and keep in mind that about 60% of all Closed transactions this year offered to pay some Buyer Concessions to assist with their Interest rates and closing costs.
Patience is a virtue combined with proper pricing and our expert marketing, and you will have success this Fall.
Buyers, this is an opportune time to circle back and re-visit the market as homes are sitting on the market longer, and more negotiation is happening including concessions to assist with affordability.
First time Buyers are making a comeback, and if you are thinking about moving up to a larger home, the fourth quarter looks encouraging!
As always, we have the experience and expertise to assist with all of your Real Estate needs! Let’s talk today!
AVERAGE DAYS ON MARKET SEPTEMBER 2023 29 DAYS 2022: 28 DAYS UP 3.57% 31 DAYS 2022: 23 DAYS UP 34.78%
ACTIVE INVENTORY SEPTEMBER 2023 5,435 2022: 5,798 DOWN 6.26% 2,194 2022: 1,885 UP 16.39%
SEPTEMBER 2022 SEPTEMBER 2023
DOWN 0.70% DOWN 0.70%
AVERAGE SOLD PRICE
(YEAR OVER YEAR)
SINGLE FAMILY 1 YEAR
-1.92% CONDO 1 YEAR
SOLDS SEPTEMBER 2023 2,254 2022: 3,141 DOWN 28.24% 921 2022: 1,282 DOWN 28.16%
TOTAL # SOLD (HOUSES & CONDOS – SEPTEMBER 2023) 3,175 LAST YEAR: 4,423 DOWN 28.22%
AVERAGE SALES PRICE (HOUSES & CONDOS – SEPTEMBER 2023) $692,460 LAST YEAR: $671,455 UP 3.13%
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 4.35% which is very strong for a market in flux.
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.
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.
AVERAGE DAYS ON MARKET SEPTEMBER 2023 37 DAYS 2022: 28 DAYS UP 32.14% 43 DAYS 2022: 40 DAYS UP 7.50%
NEW LISTINGS SEPTEMBER 2023 546 2022: 523 UP 4.40% 79 2022: 93 DOWN 15.05%
TOTAL # SOLD (HOUSES & CONDOS – SEPTEMBER 2023) 375 LAST YEAR: 484 DOWN 22.52%
AVERAGE SALES PRICE (HOUSES & CONDOS – SEPTEMBER 2023) $1,654,542 LAST YEAR: $1,571,654 UP 5.27%
AVERAGE SOLD YTD
SINGLE FAMIlY 1 YEAR
-0.92% CONDO 1 YEAR
TOTAL SOLDS YTD SEPTEMBER 2023 3,277 2022: 4,296 DOWN 23.72% 393 2022: 498 DOWN 21.81%