Below are links to download our update, as well as a breakdown of the stats in more detail:
Metro Denver Area Residential Market Update
The first half of 2023 is complete, and in many ways the turning point for the year. We are excited to share the Metro Denver Housing Outlook and midyear update!
Historically, the data shows that purchases start to slow down, prices decline and inventory should peak soon after the July 4th Holiday, however this spring’s selling season proved to be disappointing compared to seasonal expectations, and we may see some surprises the second half of the year.
Let’s look at some indications for positive activity in the numbers: First, the Active Inventory for sale is at 6,070 which is 16% higher than last month.
New Listings were at 5,628 which is almost 9% higher than last month, and Pendings were at 4,385 and that is almost 6% higher than last month.
The down side of the market is Closed Properties, as we only had 4,109 Closed Properties this month, and that is down 7.0% from last month and Closings YTD are down 23%.
Several factors are influencing the housing market in uncertain terrain, with the market looking for stability, affordability, and creativity! Mortgage rates are affecting inventory, stability, and affordability, but with inventory growing and activity slowing, it looks like we are heading toward a normalizing market!
Buyers, this is great news as you will have a bit more control the 2nd half of 2023.
Sellers, this is a great time to prepare your home for sale, and have it showing the best way possible, as buyers are still paying top dollar for an updated house.
If you have experienced some hail damage, please reach out to your insurance company as soon as possible. Buyers always expect a good Roof!
Metro Denver Area Luxury Market Update
While the numbers may be somewhat deceiving the luxury market in metro Denver is very strong.
The total number of sales is down 28.7% this year over last year which is reflective of the overall market being down 23%, so a little bit higher at the top of the market.
For properties priced between $1.5M and $2M the average days on the market is 20 days, when you go higher in price this quickly goes to near 40 days on the market.
For this same price range there is approximately a 2.6 month supply of homes. For homes priced between $1.5M and $2M, 52.9% of homes are going under contract within the first 7 days of being on the market and these homes are selling for 100.3% of list price.
This means that for Sellers with updated properties that are priced correctly there is great opportunity in the market and Buyers are still dealing with multiple offers in some situations.
For the other 50% of homes on the market that may be somewhat dated or not priced correctly, these homes are experiencing longer days on the market and price reductions, which makes for great opportunities for buyers who are willing to do some work.
The reality is that we are heading more toward a balanced market.