Denver Real Estate Market Update October 2023
🏡Michael Kozlowski Ranked as High as the #1 Individual Agent in the State of Colorado! Already Selling Homes for Above Asking Price in 2023 with Multiple Offers!🏡INTEREST RATES! INFLATION! INVENTORY!
The Fall Market is settling in with some unique characteristics, and these three words are playing a major part in buyers and sellers decisions every day! They can feel Intimidating at times, but we are also seeing the Invincible passion and strength for the desire to own a home and build wealth and security through Real Estate!
The question asked daily: “Is this a Buyer’s or a Seller’s Market?” Quite frankly it feels like Nobody’s Market at the moment, as nobody is fully happy with how quickly their home is selling as a Seller or the price they are paying as a Buyer!
This 2023 market actually mirrors the ebbs and flows of the markets we’ve seen between 2013-2019 with a few variations. Most of the housing metrics remain fairly stable, however they also come with challenges and opportunities.
- Through the 3rd Quarter of 2023, the number of New Listings and the number of Sold/Closed properties is down almost 21% which shows that the market is smaller, which is expected after the boom years of the Pandemic!
- The most notable metric is that prices are holding steady for now, and the Average Price of a Single Family Home closed at $769,000 and the Attached Homes closed at $478,000 which are both only down approximately 1.0% from 2022!
Sellers, you have a smaller window for success before the Winter months settle in, so please price correctly, and keep in mind that about 60% of all Closed transactions this year offered to pay some Buyer Concessions to assist with their Interest rates and closing costs. Patience is a virtue combined with proper pricing and our expert marketing, and you will have success this Fall.
Buyers, this is an opportune time to circle back and re-visit the market as homes are sitting on the market longer, and more negotiation is happening including concessions to assist with affordability. First time Buyers are making a comeback, and if you are thinking about moving up to a larger home, the fourth quarter looks encouraging!
