Denver Real Estate Market Update May 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!🏡
Our Market Update for May begins with a “Tale of Two Markets”! What Buyers and Sellers are experiencing in this market is not Universal!
How is the market doing in May 2023? Not an easy answer currently as Inventory continues to be perplexing, and stubbornly lower than expected, which limits Buyers options for homes to see and buy.
- Active Inventory at the end of April was 4,620, up only 2.3% from last month.
New Listings for April were only 4,758, lower than the New Listings in March at 5,100, quite the anomaly. Historically, the market has averaged 10-13% more New Listings in April vs March as the Spring Market picks up speed.
It seems as though we still have some Seller apathy in 2023, however we may see some of the best opportunities for increased Inventory from Investors that may want to sell their properties before new possible legislation is passed that has been introduced in our State Legislature.
- Year to date, the market has Sold 12,769 Residential Properties, which is almost 24% less than this time last year!
- The Average price of a Single Family Home was $741,500 in April which is 4% less than last year. The Average price of Condos and Townhomes was $470,600 which is 1.5% less than last year.
The Tale of Two Markets shows up when looking at listings and days on market. Some Listings continue to see a lot of Showing Activity, with multiple offers and selling above asking price, while other Sellers are sitting on the market for several weeks with two to three price reductions before receiving an acceptable offer.
It all comes down to price point, location, finishes, updates and general condition of the home, as Buyers are much more price and payment sensitive and sometimes a little picky.
As this market adjusts each month, we are so grateful to have the opportunity to share our knowledge and experience and look forward to helping you navigate your Real Estate needs!
