Market Update, March 9, 2023

Prices rose in February compared to January but are still down 10% since their peak last April. Sellers who don’t price right are reducing their asking prices and offering incentives like rate buydowns to attract buyers. Homes prepared well and priced at or below market value are still receiving multiple offers and selling for over the asking price. Mortgage interest rates continue to fluctuate, and buyers are keeping an eye on rates. Closed sales were down almost 25% year-over-year in February.

Every February since 1985, an average of 12,905 homes have been for sale. Inventory increased since last year’s record low, but we’re still far below average, with just 3,778 homes for sale at the end of the month. It’s been since 2014 that we’ve seen so few new listings, and since homes have spent this long in the MLS before they sell.
 

Residential – Detached and Attached Homes

Average Closed Price: $657,921
+5.23% compared to January
+1.29% year-over-year

Median Closed Price: $562,500
+4.39% compared to January
-2.17% year-over-year

Active Listings at the End of the Month: 3,778
-8.30% compared to January
+208.16% year-over-year

Closed Homes: 2,661
+22.51% compared to January
-24.87% year-over-year

Average Days in MLS: 48
+4.35% compared to January
+242.86% year-over-year

Detached Homes

Average Closed Price: $731,318
+4.31% compared to January
-1.42% year-over-year

Median Closed Price: $600,000 
+0.85% compared to January
-5.66% year-over-year

Active Listings at the End of the Month: 2,618
-9.51% compared to January
+206.92% year-over-year

Closed Homes: 1,902
+25.30% compared to January
-20.18% year-over-year

Average Days in MLS: 49
0% change compared to January
+250% year-over-year

Attached Homes

Average Closed Price: $473,995
+5.56% compared to January
+3.11% year-over-year

Median Closed Price: $400,000 
+1.14% compared to January
-1.23% year-over-year

Active Listings at the End of the Month: 1,160
-5.46% compared to January
+210.99% year-over-year

Closed Homes: 759
+16.06% compared to January
-34.51% year-over-year

Average Days in MLS: 45
+15.38% change compared to January
+181.25% year-over-year

Ready to make your move?

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An incredible opportunity to own a four-bedroom
home on a perfect corner lot

5445 Perth Ct., Denver, CO 80249
4 Bedrooms | 3 Bathrooms | 2,732 Sq Ft
$485,000
See photos and get complete details about this home.
Call (720) 782-2468 to schedule your showing.

Metro Denver Real Estate Market Activity

During the last week:
New Listings – 1107
Back On Market – 242
Price Increase – 128
Price Decrease – 704
Pending – 1363
Withdrawn – 91
Closed – 1057
Expired – 180

Previous Week:
New Listings – 1135
Back On Market – 253
Price Increase – 121
Price Decrease – 654
Pending – 1429
Withdrawn – 117
Closed – 1428
Expired – 355—
Based on data from REColorado®

“David and Tom are a great team! David had helped me purchase my home, so it was great he and Tom helped sell as well. They are always there when you need them, give great advice, and stand by you through all the steps of your purchase/sale. I greatly appreciate them, and highly recommend them!! Great Team, great job!!”
– Melanie H., Aurora

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