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 Inventory at the end of April was 4,620 and that is only up 2.3% from last month.
The anomaly is the New Listings for April were only 4,758 and New Listings in March were 5,100.
Historically, the market has averaged 10-13% more New Listings in April vs March as the Spring Market picks up speed. It seems as though we still have some Seller apathy in 2023, however we may see some of the best opportunities for increased Inventory from Investors that may want to sell their properties before new possible legislation is passed that has been introduced in our State Legislature.
Year to date, the market has Sold 12,769 Residential Properties, and that is almost 24% less than this time last year!
The Average price of a Single Family Home was $741,500 which is 4% less than last year. The Average price of Condos and Townhomes was $470,600 which is 1.5% less than last year.
AVERAGE DAYS ON MARKET APRIL 2023 30 DAYS 2022: 9 DAYS UP 233.33% 25 DAYS 2022: 8 DAYS UP 212.50%
ACTIVE INVENTORY APRIL 2023 3,257 2022: 2,445 UP 33.21% 1,363 2022: 759 UP 79.58%
APRIL 2022 APRIL 2023
UP 44.19% UP 44.19%
AVERAGE SOLD PRICE
(YEAR OVER YEAR)
SINGLE FAMILY 1 YEAR
-3.83% CONDO 1 YEAR
SOLDS APRIL 2023 2,590 2022: 3,686 DOWN 29.73% 1,111 2022: 1,591 DOWN 30.17%
TOTAL # SOLD (HOUSES & CONDOS – APRIL 2023) 3,701 LAST YEAR: 5,277 DOWN 29.87%
AVERAGE SALES PRICE (HOUSES & CONDOS – APRIL 2023) $682,061 LAST YEAR: $722,484 DOWN 5.60%
Metro Denver Area Luxury Market Update
The Luxury real estate market in metro Denver is one that is both hot and cold. While the overall number of transactions is down by 30% over this time last year, prices of single family homes have only dropped by less than 1%.
Days on the market for single family homes have increased to an average of 32 days which is still a very reasonable time to sell a home.
The number of new listings is lower this year with 590 presently on the market which is 22% less than this time last year, likely due to Sellers sitting on their lower existing interest rates if they don’t have to make a move.
The strength of the Luxury market is in the $1M to $1.5M range with less than a 1.5 months supply compared to $3M+ where there is a 3.7 months supply. The $1M to $1.5M market is under supplied by 75% whereas the $3M+ market is at an even supply.
47.7% of homes priced between $1M and $1.5M are selling within 7 days whereas in the $3M+ range only 13.3% of homes are selling within 7 days. 31.2% of homes in the $1M to $1.5M range are getting multiple offers while 20% of homes in the $3M range are getting multiple offers.
In the $1M to $1.5M price range 20.6% of homes are experiencing a price change while in the $3M+ price range 50% of homes are experiencing a price change. The average price change if one is needed is 5.4%.
This is a lot of data but what this points to is that pricing listings is critical for Sellers to obtain their top price and for Buyers, there are some great opportunities with price reductions on homes that are not selling quickly on the market.
AVERAGE DAYS ON MARKET APRIL 2023 32 DAYS 2022: 13 DAYS UP 146.15% 27 DAYS 2022: 17 DAYS UP 58.82%
NEW LISTINGS APRIL 2023 590 2022: 765 DOWN 22.88% 87 2022: 85 UP 2.35%
TOTAL # SOLD (HOUSES & CONDOS – APRIL 2023) 430 LAST YEAR: 691 DOWN 37.77%
AVERAGE SALES PRICE (HOUSES & CONDOS – APRIL 2023) $1,608,113 LAST YEAR: $1,617,927 DOWN 0.61%
AVERAGE SOLD YTD
SINGLE FAMIlY 1 YEAR
-0.55% CONDO 1 YEAR
TOTAL SOLDS YTD APRIL 2023 1,145 2022: 1,646 DOWN 30.44% 146 2022: 191 DOWN 23.98%