Metro Denver Real Estate Market Update, January 27, 2023

A year ago, I showed a home to some clients and learned there were 153 other showings and 33 offers. We’re certainly not there right now, but buyers are starting to adjust to the current market and are looking at homes.

We represent more buyers and sellers than the typical agent, and we’re out there working in the market every day, so we spot trends as they happen. For example, bidding wars are happening again when homes are well-priced and well-prepared. We just got a buyer under contract to purchase a townhome that was beautifully staged and priced very well. Our client was competing against five other offers.

What we’re seeing now differs from what we experienced a year ago. Our clients aren’t competing against 33 other offers. However, the activity we see with our clients shows that buyer activity is likely on the rise. Mortgage applications are increasing, adding weight to our observations. ShowingTime, which measures showing activity, reports that showings increased in December compared with November, another sign more buyers are entering the market.

With sellers, we’re seeing a hesitance to list until spring or summer. Most prospective sellers have significantly lower mortgage interest rates than those available now, so they’re in no hurry to sell. Unfortunately for buyers, this means there’s less to choose from than there could be. However, sellers who enter the market now and price and prepare their homes well can expect interest from buyers. As we head into spring and summer, we feel that more sellers will decide to place their homes on the market. If you’re considering selling, now may be a great time to put your home on the market and beat the competition.

Thinking about making a move?

Contact us now to get expert guidance. Call 720-782-2468 or schedule a time for us to call you.

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Metro Denver Real Estate Market Activity

During the last week:
New Listings – 846
Back On Market – 180
Price Increase – 92
Price Decrease – 691
Pending – 1156
Withdrawn – 98
Closed – 599
Expired – 172

Previous Week:
New Listings – 836
Back On Market – 222
Price Increase – 127
Price Decrease – 686
Pending – 1188
Withdrawn – 109
Closed – 645
Expired – 185

Based on data from REColorado®

“Tom is a joy to work with. He’s very knowledgeable, and is always ready to answer questions. He has attended every one of our business meetings, including the contract signing, pre-drywall walk-through, pre-closing walk-through, and the closing. Tom has always put our interests first.

We highly recommend Tom to anyone buying or selling real estate.”
– Bruce and Ann F., Thornton

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