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 Listings are at 4,120 which is down 13% from December, mostly because of increased Buyer activity.
- New Listings in January were up 65% and Pending’s were also up 51% over December.
- The market is waking up from the late 2022 declines, and the typical Holiday Season distractions.
- The Average prices for Single Family detached and attached homes were both down a combined 1.5% from December, but this may change sooner than we expected.
Buyers will want to start looking sooner than later to take advantage of the current lower prices and interest rates, and beat the Spring activity that begins very soon.
Sellers will want to re-engage and prepare your homes quickly if you need to sell this year. You will want to be realistic in preparing and pricing, but don’t need to break the bank in preparing your home. Buyers are active now, and looking for new inventory to come on the market. A well prepared, priced and marketed property can still expect to sell in 2-3 weeks with the possibility of small bidding wars again.
As always, all areas and price ranges are not created equal so please let us know how we can help with the best experience and advice available in the Denver Market today!
AVERAGE DAYS ON MARKET JANUARY 2023 49 DAYS 2022: 19 DAYS UP 157.89% 38 DAYS 2022: 22 DAYS UP 72.73%
ACTIVE INVENTORY JANUARY 2023 2,893 2022: 788 UP 267.13% 1,227 2022: 396 UP 209.85%
JANUARY 2022 JANUARY 2023
UP 247.97% UP 247.97%
AVERAGE SOLD PRICE
(YEAR OVER YEAR)
SINGLE FAMILY 1 YEAR
-0.53% CONDO 1 YEAR
SOLDS JANUARY 2023 1,428 2022: 2,038 DOWN 29.93% 613 2022: 1,034 DOWN 40.72%
TOTAL # SOLD (HOUSES & CONDOS – JANUARY 2023) 2,041 LAST YEAR: 3,072 DOWN 33.56%
AVERAGE SALES PRICE (HOUSES & CONDOS – JANUARY 2023) $626,311 LAST YEAR: $609,056 UP 2.83%
Metro Denver Area Luxury Market Update
The luxury market in Denver is starting to take off for the year. In many neighborhoods we are again seeing multiple offers and houses selling over asking price due to the low inventory in the market.
While average days on the market for single family homes has increased to 57, approximately 23% of listings are selling within the first 7 days on the market. The number of new listings coming on the market has decreased by 27% which has caused prices to increase 2.1% for closed properties in January.
The total number of sold luxury properties decreased in January by 18% but please remember this is actually reflecting under contracts from the slower months of November and December, the number of under contract properties is actually increasing.
What does all of this mean?
Buyers who need and want to move are out shopping and they are purchasing good properties that
are priced right. Properties that are not priced right which is about 48% of the luxury homes on the market are experiencing price reductions. So, there is good news for Sellers with low inventory and good news for Buyers with a fair amount of price reductions.
AVERAGE DAYS ON MARKET JANUARY 2023 57 DAYS 2022: 31 DAYS UP 83.87% 67 DAYS 2022: 87 DAYS DOWN 22.99%
NEW LISTINGS JANUARY 2023 262 2022: 287 DOWN 27.65% 46 2022: 42 UP 9.52%
TOTAL # SOLD (HOUSES & CONDOS – JANUARY 2023) 182 LAST YEAR: 223 DOWN 18.39%
AVERAGE SALES PRICE (HOUSES & CONDOS – JANUARY 2023) $1,579,621 LAST YEAR: $1,546,678 UP 2.1%
AVERAGE SOLD YTD
SINGLE FAMIlY 1 YEAR
-18% CONDO 1 YEAR
TOTAL SOLDS YTD JANUARY 2023 165 2022: 195 DOWN 15.38% 17 2022: 28 DOWN 39.29%