🏡 Denver Real Estate Market Update February 2023 🏡
Michael Kozlowski Ranked as High as The #1 Individual Agent in the State of Colorado! Already Selling Homes for Above Asking Price with Multiple Offers in 2023!
February is known as the month of Love, and as we examine the behaviors of the Denver Metro Housing Market, there are a lot of indications that Buyers and Sellers might Love the opportunities in the market in 2023!
For starters, buyers are coming right back into the market! Inventory is falling, while demand is rising and home prices remain soft, but for how long?
Buyers seem anxious to get under contract before the Spring rush, and are paying attention to the favorable data on Inflation slowing down. The Federal Reserve announcing a slowdown on their battle with Inflation and Wall Street celebrating helped Mortgage Interest Rates fall below 6% for a 30-year fixed rate loan. Mortgage Applications were up 15% in January!
Here are some numbers to show the January Activity:
- Active Listings are at 4,120 which is down 13% from December, mostly because of increased Buyer activity.
- New Listings in January were up 65% and Pending Sales were also up 51% over December.
The market is waking up from the late 2022 declines, and the typical Holiday Season distractions. The Average prices for Single Family detached and attached homes were both down a combined 1.5% from December, but this may change sooner than we expected.
Buyers will want to start looking sooner than later to take advantage of the current lower prices and interest rates, and beat the Spring activity that begins very soon!
Sellers will want to re-engage and prepare your homes quickly if you need to sell this year! You will want to be realistic in preparing and pricing, but don’t need to break the bank in preparing your home. Buyers are active now and looking for New Inventory to come on the market! A well prepared, priced and marketed property can still expect to sell in 2-3 weeks with the possibility of small bidding wars again.
