Denver Real Estate Market Report | January 2023
Taking a look at the Denver Metro Real Estate Trends Report put out by the Denver Metro Association of Realtors every month, there are a few significant insights to take note of. We ended December 2022 with more inventory than we have seen in quite some time. Typically, in December we see an increase in homes for sale being withdrawn from the Denver real estate market. We see this for two reasons. The first reason is simple, many people just don't want to have to navigate around showing during the holidays and the second reason is that while any buyer out during that time is pretty darn serious, if you don't snag one of them then you are left entering January with a high days on market count which often leads to the impression that a buyer can offer you less than you're asking.
While we ended the month with more homes listed in the MLS than past years, the Denver real estate market still saw a significant number of homes listed get withdrawn from the market and with that we anticipate the amount of supply in our market to increase even further over the next few weeks and continue on into the spring and summer seasons. With an increase in inventory comes leverage for buyers and let's just say, it's about time! However, this is not to say Denver is in a Buyer's Market. Our market is about balanced right now however coming from so far on the Seller's Market spectrum it sure does feel like a Buyer's Market right now however we also know this won't last and there will be some changes in the next 90 days.
The biggest change we are going to see in the next 90 days isn't going to be from homes entering the market, it's going to be from buyers beginning their season search for homes. This happens from March and April and continues through until Fall. When this happens, while more homes will come on to the market as well, we can anticipate the ratio of buyers looking and homes available to decrease and the competition for buyers to increase.
What we can conclude from this is that if you plan to make a move in this year, the best time just might be right now in the first quarter while inventory is still high and competition from other buyers is still low.
