10/13/2023
Denver Metro Housing Market Update - September 2023 📊
📣 Opportunities for Buyers: It's a great time for those outbid in recent years and move-up buyers to act. The market dynamics are shifting, creating windows of opportunity.
🤝 Concessions: 60% of closed transactions offered concessions, averaging over $9,000. 45% used these funds for buyer closing costs or seller's points, a win-win for both sides.
💼 Seller's Market Dynamics: Sellers mostly need to sell, opening opportunities for negotiations. Buyers can secure favorable deals in this scenario.
💰 Prices: Prices remain mostly stable, softening just a bit. Median prices peaked in May at $653k for single family homes and $423k for townhomes & condos. In September, median prices came in at $637k and $417k.
🏘️ Multiple Offers: Multiple offers remain, with 28.6% of TH's/condos selling over asking price, averaging 2.2% above asking price. With 2.2 months of supply, some areas are still experiencing bidding wars, resulting in 28.6% of homes selling for over asking price.
⏳ Days on Market: Homes spent 31 days on the market on average, with a median of 14 days. 36.4% of homes went under contract in 7 days or less, still achieving 100.6% of the original list price.
📊 Market Comparison: The 2023 market mirrors 2013-2019 cycles with slight variations. Key metrics remain stable, within 1-2% of seasonal expectations.
🔍 Challenges & Opportunities: The market is smaller with fewer homes, transactions, and more contract challenges. Price reductions are more frequent and substantial than previous cycles.
📈 Inventory on the Rise: Active listings in September increased by 14.4%, reaching 2,003 homes for sale. Although it's growing, inventory is still expected to remain tight throughout the year, with historical averages at 2,170 homes.
🏡 Ready to make your move? Your dream home or successful sale may be closer than you think! Dominate Your Real Estate Dreams with Property Dominator 720-336-0350
🏡 Denver Metro Housing Market Update - September 2023 📊
📣 Opportunities for Buyers: It's a great time for those outbid in recent years and move-up buyers to act. The market dynamics are shifting, creating windows of opportunity.
🤝 Concessions: 60% of closed transactions offered concessions, averaging over $9,000. 45% used these funds for buyer closing costs or seller's points, a win-win for both sides.
💼 Seller's Market Dynamics: Sellers mostly need to sell, opening opportunities for negotiations. Buyers can secure favorable deals in this scenario.
💰 Prices: Prices remain mostly stable, softening just a bit. Median prices peaked in May at $653k for single family homes and $423k for townhomes & condos. In September, median prices came in at $637k and $417k.
🏘️ Multiple Offers: Multiple offers remain, with 28.6% of TH's/condos selling over asking price, averaging 2.2% above asking price. With 2.2 months of supply, some areas are still experiencing bidding wars, resulting in 28.6% of homes selling for over asking price.
⏳ Days on Market: Homes spent 31 days on the market on average, with a median of 14 days. 36.4% of homes went under contract in 7 days or less, still achieving 100.6% of the original list price.
📊 Market Comparison: The 2023 market mirrors 2013-2019 cycles with slight variations. Key metrics remain stable, within 1-2% of seasonal expectations.
🔍 Challenges & Opportunities: The market is smaller with fewer homes, transactions, and more contract challenges. Price reductions are more frequent and substantial than previous cycles.
📈 Inventory on the Rise: Active listings in September increased by 14.4%, reaching 2,003 homes for sale. Although it's growing, inventory is still expected to remain tight throughout the year, with historical averages at 2,170 homes.
🏡 Ready to make your move? Your dream home or successful sale may be closer than you think! Dominate Your Real Estate Dreams with Property Dominator 720-336-0350
