Denver Real Estate Market Review February 2023
February 2023 Denver Real Estate Market Review
There are a few key take-aways when we review the January 2023 activity figures for the Denver Metro real estate market. January was a month of low inventory and slow moving buyers however much more active than we've seen in past years. In fact, buyers were active in 2023 significantly earlier than we typically see. While we were headed for a balanced market, this low inventory and increase in buyers results in a market that mind feel a little bit similar to the sellers market we just left. This month, we currently have more active buyers out shopping for homes than we have homes for sale.
If zero new homes came on the market and buyers continued to purchase homes at the rate they are, we will be out of inventory in less than a month!
While the average home, including both attached and detached homes, closes for 98.1% of the list price, select homes and micro markets are seeing homes bid over list price by $50-60k. Our market is in transition once again and until we see a streak of warmer weather and people raking tie off for spring break, we won't have the increase in inventory that we need to neutralize the leverage sellers currently have. If you have a home to sell, now is the time to do it.
Inventory will begin to rise as we enter Spring which means less negotiating power for sellers however the further into 2023 we go, the more buyers we will see enter the market until our peak towards the end of the summer season.
Anticipate rates to stay about where they are while possibly shedding a little over the coming months however nothing major one way or the other is in the sights. This can always change on a dime however all signs point to rates leveling off for the ret of the year.
If you have questions, concerns or would like to discuss how this information applies to you, please don't ever hesitate to reach out. We are always available for a one-on-one consultation to support you in planning your next steps.