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
Urgent News for Buyers and Sellers!
The Housing Market is shifting and we are experiencing economic uncertainty, but people are still buying and selling homes.
We actually have seen our Inventory increase in the Denver Metro area, and that is unusual this time of year!
This is a Fall Market in 2023, so Sellers we all need to get the Pandemic years out of our minds and get extremely realistic in a higher interest rate environment. The Price and Condition of your home are critical, and we can help you with both of those!
Buyers, you have a unique opportunity to get into the home of your dreams as there is more inventory to choose from, and favorable negotiations for you!
Most importantly, we may have turned a corner on a resilient Labor Market, which is showing some signs of weakness and Mortgage Interest Rates have responded to the low 7% to upper 6% range! Yes, we said 6% again! Now, here is the urgent part as Interest Rates change daily, and you will want to take advantage as soon as possible!
The Resale Market has some fantastic options for you, and the New Home Builder market has incredible incentives on completed homes that can close by the end of the year, and interest rates as low as 4.99%! Again, we can help you with both!
AVERAGE DAYS ON MARKET OCTOBER 2023 32 DAYS 2022: 30 DAYS UP 6.67% 32 DAYS 2022: 25 DAYS UP 28%
ACTIVE INVENTORY OCTOBER 2023 5,289 2022: 5,444 DOWN 2.85% 2,193 2022: 1,846 UP 18.80%
OCTOBER 2022 OCTOBER 2023
UP 2.63% UP 2.63%
AVERAGE SOLD PRICE
(YEAR OVER YEAR)
SINGLE FAMILY 1 YEAR
+1.93% CONDO 1 YEAR
SOLDS OCTOBER 2023 2,105 2022: 2,485 DOWN 15.29% 881 2022: 1,058 DOWN 16.73%
TOTAL # SOLD (HOUSES & CONDOS – OCTOBER 2023) 2,986 LAST YEAR: 3,543 DOWN 15.72%
AVERAGE SALES PRICE (HOUSES & CONDOS – OCTOBER 2023) $687,917 LAST YEAR: $660,468 UP 4.16%
Metro Denver Area Luxury Market Update
The Luxury Market in the metro Denver area is still doing great.
While the number of overall transactions are down for the year, prices are up approximately 4% which is good news for Sellers who are willing to recognize the impacts of the current market and price their properties correctly.
This doesn’t mean giving your house away, this means pricing correctly for the current conditions in your neighborhood.
For Buyers, now is a great time of year to buy. Interest rates have ticked down due to recent employment numbers so monthly costs are going down, inventory is up which is unusual for this time of year but will give you more choices and there is less competition from other buyers right now because there are fewer people out looking at homes during the holidays.
If you are considering new construction, many builders are offering amazing deals on inventory homes. Right now is one of the best opportunities of the year to purchase a home!
AVERAGE DAYS ON MARKET OCTOBER 2023 40 DAYS 2022: 29 DAYS UP 37.93% 44 DAYS 2022: 25 DAYS UP 76%
NEW LISTINGS OCTOBER 2023 447 2022: 373 UP 19.84% 69 2022: 53 UP 30.19%
TOTAL # SOLD (HOUSES & CONDOS – OCTOBER 2023) 331 LAST YEAR: 347 DOWN 4.61%
AVERAGE SALES PRICE (HOUSES & CONDOS – OCTOBER 2023) $1,660,784 LAST YEAR: $1,650,750 UP 0.61%
AVERAGE SOLD YTD
SINGLE FAMIlY 1 YEAR
-0.92% CONDO 1 YEAR
TOTAL SOLDS YTD OCTOBER 2023 3,589 2022: 4,592 DOWN 21.84% 432 2022: 549 DOWN 21.31%