Metro Denver Real Estate Market Update, February 9, 2023

Prices fell again last month in the metro area. It also took more than twice as long to sell a home than it did a year ago. While average prices for detached homes were up compared to a year ago, prices for attached homes have fallen. Pricing is the number one factor that determines how fast a home will sell. Therefore, it’s essential to price your home competitively if you want to sell it fast and for a good price. If your home lingers on the market and you reduce the price again and again, you’ll likely walk away with less money than if you had priced it lower from the start.

Residential – Detached and Attached Homes

Average Closed Price: $626,311
-1.49% compared to December
+2.83% year-over-year

Median Closed Price: $536,500
-3.33% compared to December
-1.11% year-over-year

Active Listings at the End of the Month: 4,120
-13.39% compared to December
+247.97% year-over-year

Closed Homes: 2,041
-29.23% compared to December
-33.56% year-over-year

Days in MLS: 46
+6.98% compared to December
+130% year-over-year

Detached Homes

Average Closed Price: $702,289
-0.45% compared to December
+1.94% year-over-year

Median Closed Price: $595,000 
-0.83% compared to December
-0.68% year-over-year

Active Listings at the End of the Month: 2,893
-15.09% compared to December
+267.13% year-over-year

Closed Homes: 1,428
-29.55% compared to December
-29.93% year-over-year

Days in MLS: 49
+8.89% compared to December
+157.89% year-over-year

Attached Homes

Average Closed Price: $449,319
-4.58% compared to December
-0.53% year-over-year

Median Closed Price: $397,000 
-2.93% compared to December
-0.75% year-over-year

Active Listings at the End of the Month: 1,227
-9.11% compared to December
+209.85% year-over-year

Closed Homes: 613
-28.47% compared to December
-40.72% year-over-year

Days in MLS: 38
0% change compared to December
+72.73% year-over-year

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Metro Denver Real Estate Market Activity

During the last week:
New Listings – 900
Back On Market – 229
Price Increase – 63
Price Decrease – 744
Pending – 1357
Withdrawn – 117
Closed – 700
Expired – 284

Previous Week:
New Listings – 909
Back On Market – 229
Price Increase – 119
Price Decrease – 738
Pending – 1301
Withdrawn – 118
Closed – 837
Expired – 389

Based on data from REColorado®

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Would highly recommend him and his team.”
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