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September Market Stats | Denver Metro Area

Is the market shifting?
"As a new school year begins, it brings change and transition. Traffic flows differently, restaurant reservations vary and weekend activities intensify. The transformation from summer to fall also holds true in Denver Metro's housing market. The majority of buyers' motivations have shifted from buying for financial reasons to buying for their lifestyle. Sellers have to recalibrate their expectations and patience after a wild summer. Even with these changes, there has still been growth and balance within the market.
- ANDREW ABRAMS, Chair of the DMAR Market Trends Committee and Denver REALTOR®
  • LUXURY MARKET ($1,000,000 AND UP): In August, we saw shifts in the luxury market similar to other price segments; new listings in August were down 18.77 percent month-over-month for detached homes and 19.31 percent for attached. The total sales of volume in August was $658,551,398, down 19.29 percent from July and 16.80 percent year-over-year. Sales volume year-to-date is $6,717,616,956, up 17.21 percent year-over-year, reflecting the heated first half of 2022 and balancing out as we get farther into the year and seasonally slower months. This market segment has grown rapidly since 2020; the year-to-date sales volume in 2020 was $2,822,161,140, a 138.03 percent increase in two years. - Amanda Snitker, DMAR Market Trends Committee member, and Denver REALTOR®.
  • SIGNATURE MARKET ($750,000 - $999,999): We're in a season of change, and so is the Signature Market. With school back in session, we also went back to the basics and pulled out our dusty listings guides, as listings took longer to sell in this end-of-summer market. On average, detached and attached homes took 21 days to sell, up 31.25 percent from the previous month and 61.54 percent from one year ago. If you were taking photos with your smartphone, not including 3D walkthroughs or pricing from the comps that sold the first part of the year, you most likely found yourself having to do a reset last month when you didn't get an offer the first or second weekend. Pricing was tricky last month as the close-price-to-list-price ratio was down 1.30 percent for detached signature homes at 99.47 percent close-price-to-list-price and down 0.47 for attached signature homes at 99.53 percent close-price-to-list price. - Brigette Modglin, DMAR Market Trends Committee member, and Denver REALTOR®.
  • PREMIER MARKET ($500,000 - $749,999): The Premier Market hosts most real estate transactions in the 11-county Denver Metro area. In August 2022, 41.22 percent of all closed properties were priced between $500,000 and $749,000. It follows that the median price in August was $579,900 - which falls in this price range - up an impressive 8.49 percent over August of 2021. The number of closed homes in this price range decreased significantly falling to a total of only 1,740 which is down 8.47 percent from July and 27.14 percent from August of last year. This indicates that while the volume of home sales may be slowing down, the value of these homes is still quite impressive. - Susan Thayer, DMAR Market Trends Committee member, and Denver REALTOR®.
  • CLASSIC MARKET ($300,000 - $499,999): The Classic Market is unique in that its price points exist well below the average and median sales price for the Denver Metro area. Statistics like residential new listings being 38.07 percent lower in August 2022 than August 2021, or year-to-date residential closed properties 39.53 percent lower than at this point last year need to be taken into context. Namely as average and median closed sales prices continue to rise, even in a "slowing" market, more properties become categorized within the Premier Market. Taken alone, the number of new listings or closed sales in the Classic Market is less than in other price brackets. But despite the continued competitiveness for properties priced under $500,000, the Classic Market has not been immune to a reset. The close-price-to-list-price ratio for residential properties last month decreased 3.41 percent compared to August 2021, finishing the month at 99.44 percent - a figure unfathomable a month ago. - William Maline, DMAR Market Trends Committee member, and Denver REALTOR®.
*Remarks from Page 17-18 of the September 2022 Market Trends Report from DMAR
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