The overall message to take from February 2023 was that our peak selling season began early. Especially for those in the luxury segment where we saw a 66% increase in new listings hitting the market, the largest increase in inventory across all segments of the market. Nearly 40% of all sales activity occurred in the premier market, properties sold between $500k and and $750k, the market where we also saw the highest list to sales price ratios. Sold properties closed were down 18% from a year ago. Median closed prices for single-family homes were down 3% from a year ago, while the average days on market increased 27 days from 4 days a year ago and dropped by 3 days from January’s 30 days. The takeaway for sellers is that inventory is still low, keeping upward pressure on prices, however, that is kept in check with mortgage interest rates hovering around 6.5% to 6.75%. The circumstances are leading to buyers exercising their power to negotiate. The market is still a way from being a balanced market, but it is slowly moving in that direction. Check out the video clip from the REColorado MLS and be sure to follow us on Instagram (toddregroup), LinkedIn (Dave Todd), Facebook (ToddREGroup) and Twitter (toddregroup).
April 2023 Market Report – 11 County Denver Metro
This months report continues to show a strong market even in light of numbers that would indicate the contrary. It is setting up our peak
