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 fall market after Labor Day, and right up to the holidays is a busy time of year for Buyers and Sellers alike! The spring and summer markets were less active than normal with a shifting market and mortgage environment.
The demand for buying homes remains strong, in fact Denver still ranks as the fourth-strongest house market in the Nation!
Here is some great news if you are a Buyer: Active inventory is now at 6,858 single family and attached homes, which is almost two months of Inventory and 9% higher than last month. This is the new definition of a balanced market, and to many Buyers it will feel a little like a Buyer’s market.
Homes are sitting on the market for longer periods of time before receiving competitive offers, but Buyer’s beware the good houses that show well and are priced correctly are still selling quickly, so be decisive!
Sellers there is good news for you as well: the market is full of buyers that didn’t buy over the spring and summer, and want to buy a home before the snow falls! If you need to sell, please prepare and price your home correctly and it will sell in this fall market!
We are experts in this arena, and ready to help you have a successful transaction!
As always, please call, text or reach out anytime! We are never too busy for your Real Estate needs!
AVERAGE DAYS ON MARKET AUGUST 2023 26 DAYS 2022: 20 DAYS UP 30% 25 DAYS 2022: 16 DAYS UP 56.25%
ACTIVE INVENTORY AUGUST 2023 4,970 2022: 5,298 DOWN 6.19% 1,888 2022: 1,641 UP 15.05%
AUGUST 2022 AUGUST 2023
DOWN 1.17% DOWN 1.17%
AVERAGE SOLD PRICE
(YEAR OVER YEAR)
SINGLE FAMILY 1 YEAR
6.04% CONDO 1 YEAR
SOLDS AUGUST 2023 2,632 2022: 3,153 DOWN 16.52% 1,160 2022: 1,367 DOWN 15.14%
TOTAL # SOLD (HOUSES & CONDOS – AUGUST 2023) 3,792 LAST YEAR: 4,520 DOWN 16.11%
AVERAGE SALES PRICE (HOUSES & CONDOS – AUGUST 2023) $690,748 LAST YEAR: $658,625 UP 4.88%
Metro Denver Area Luxury Market Update
While the overall number of Luxury transactions are down approximately 13% compared to the same time last year, prices are holding strong with an approximate 11% increase over this time last year.
This is truly an astonishing increase in pricing considering that interest rates are hovering around 7%. Buyers are clearly not concerned about interest rates in favor of having a property that meets their current needs.
Right now in the Luxury market approximately 50% of properties are selling within the first 7 days on the market, these are the homes that are in what is perceived to be the best areas, new construction or beautifully updated condition and are in what buyers feel is “move-in” condition with few to no projects to be done.
These homes are selling at asking price and in some cases above asking price. The other 50% of the properties are experiencing price reductions with an average being 8.6%. These properties are being perceived by the market to be dated and have numerous projects to be done.
So, what does all of this mean for buyers and sellers.
Sellers, if you have an updated property now is a great time to sell and get top dollar. If your property is not updated this is a time to price your property very cautiously and price on the lower rather than higher range of possible pricing. Pricing is key!
For Buyers, buy right now before prices continue to go up, you can always refinance a higher interest rate down the road when an opportunity exists. And for buyers who are willing to take on a few projects there are some opportunities to get a great value on a new property.
AVERAGE DAYS ON MARKET AUGUST 2023 33 DAYS 2022: 22 DAYS UP 50% 43 DAYS 2022: 25 DAYS UP 72%
NEW LISTINGS AUGUST 2023 585 2022: 469 UP 24.73% 81 2022: 54 UP 50%
TOTAL # SOLD (HOUSES & CONDOS – AUGUST 2023) 419 LAST YEAR: 480 DOWN 12.71%
AVERAGE SALES PRICE (HOUSES & CONDOS – AUGUST 2023) $1,669,786 LAST YEAR: $1,499,487 UP 11.36%
AVERAGE SOLD YTD
SINGLE FAMIlY 1 YEAR
-1.33% CONDO 1 YEAR
TOTAL SOLDS YTD AUGUST 2023 2,921 2022: 3,872 DOWN 24.56% 352 2022: 438 DOWN 19.63%