01/06/2024
The numbers are in, and I am excited by the story they are telling! In the dynamic Denver real estate scene of December 2023, the market witnessed a spirited 29.3% drop in available homes for sale. This shift, typical of the holiday season, added a dash of spice to the real estate mix, creating a pressure cooker effect – low supply, high demand. The age-old market wisdom held true: when the supply dwindles, demand takes the stage, and the activity we saw in the final weeks of 2023 reflected that fully.
As Sellers adjusted to the rhythm of the market, the average days on market extended to 45, prompting those eyeing a spring sale to quicken their pace. Attached homes experienced a snappy 0.7% uptick in average closed prices, while detached single-family homes maintained their composure month over month - showing a stability in home values and the effectiveness of pricing the home based on current market statistics.
December Sellers had reason to toast to success, achieving an impressive 98.6% close to the list price on average. With the holidays in the rearview mirror and interest rates settling into a stable groove, the market now exudes an air of eager anticipation. Buyers are making a comeback, and the unveiling of new listings is injecting fresh energy into the scene. January 2024 is poised to kick off with dynamic energy, setting the stage for an exciting start to the new year in Denver's real estate landscape.
