Market Continues to Stabilize – Metro Denver Market Update for the end of February 2023

Market Continues to Stabilize – March 2023 Metro Denver Market Update

New listings, pending sales and closed sales all increased month over month. However, inventory remained low as potential sellers rethink listing their home if they face a significantly higher rate than what they currently have.

February’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – included:

·???????The average price for homes was up 5% compared to the previous month and up 1% from February 2022;

·???????The average days in the MLS were up 4% from the prior month and 243% from a year ago; and

·???????Active listings at month end were down 8% from January but up 208% from this time last year.

The market continues to have good news and bad news for both buyers and sellers. Buyers are facing higher rates than a year ago, reducing their purchasing power, and inventory remains low. However, homes are sitting on the market longer, which gives buyers the ability to negotiate a rate buy down or lower price. For sellers, the price appreciation and bidding war environment from a year ago has shifted, but homes that are move-in ready and priced right are still likely to get multiple offers.

If you need any advice or assistance navigating our real estate market, contact me today at 303.710.5817 or [email protected] . I am never too busy for your referrals.

This update is based on information provided by the Denver Metro Association of Realtors? for the period of February 1, 2023, through February 28, 2023, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.