The Denver Metro Housing Market Has Started To Balance Out.
"There was a lot to celebrate in 2022 for both buyers and sellers, and it was a year to level the playing field. After two and a half years of pandemic-driven buyer demand and historically low interest rates fueling record-breaking years, we have started to balance out from the extreme seller market over the past couple of years."
- AMANDA SNITKER, Vice Chair of the DMAR Market Trends Committee and Denver REALTOR®
LUXURY MARKET ($1,000,000 AND UP): "Cheers to the New Year! Luxury Market buyers wrapped up some deals in December as they could purchase homes at 97.61 percent close-price-to-list-price, down 2.99 percent from last year. While there was less inventory from the prior month and from one year ago, homes stayed on the market longer, giving buyers more time to shop for the home they wanted to purchase. Sellers had to be patient in December as homes took 10 days more to sell than the previous month and 19 more days than one year ago with a median days in MLS of 28. This was 55.56 percent more the prior month and 211.11 percent from one year ago. While homes were taking a little longer to sell, sellers received 5.69 percent more for their homes from the month prior at $390 per square foot and 2.09 percent more from one year ago at $382 per square foot. Now that is a gift buyers and sellers were thankful for!" - Brigette Modglin, DMAR Market Trends Committee member, and Denver REALTOR®.
SIGNATURE MARKET ($750,000 - $999,999): "Like much of the rest of the Denver metro real estate market in 2022, the Signature Market experienced two distinct markets over the year: a robust seller's market during the opening months of the year, followed by a transition into what "feels" rather pedestrian when compared to the pace of the prior 24 months. For example, the year-to-date median and average days in MLS for the overall residential market in 2022 clocked in at five days and 18 days, respectively. That's right in line with the year-to-date figures for 2021. On paper, it was another blistering hot year. In reality, such a pace is not how the full year played out." - William Maline, DMAR Market Trends Committee member, and Denver REALTOR®.
PREMIER MARKET ($500,000 - $749,999): "For homebuyers who fall into our most popular price category of homes ($500,000 to $749,999), December proved to be quite a challenging month. Almost 40 percent of the closed home sales were homes in this price bracket. With only 545 detached new listings to choose from, premier homebuyers were faced with an extreme lack of inventory. And if one were looking for an attached home, there were only 126 new listings. For buyers in the Premier Market, the market slowdown has proven to be quite a challenge." - Susan Thayer, DMAR Market Trends Committee member, and Denver REALTOR®.
CLASSIC MARKET ($300,000 - $499,999): "The Classic Market is the entry point into the Denver Metro market for many people and first-time homebuyers. In this segment, seasonality and an overall slowing market were observed similar to the whole. December average days on MLS clocked in at 40, the close-price-to-list-price ratio was 98.48 percent and all home types remained relatively steady at $287 per square foot. In December, the Classic Market comprised a total of 589 new listings - 33.94 percent of the entire market. Of these listings, 323 homes (55.84 percent) were traditional detached single-family homes and 266 (45.16 percent) were attached properties. With such a large percentage of Denver Metro building starts going into multi-family construction, opportunities could exist for buyers shopping for detached homes in the Classic Market while inventory is available in this market segment in 2023." - Michelle Schwinghammer, DMAR Market Trends Committee member, and Denver REALTOR®.
*Remarks from Page 17-18 of the January 2023 Market Trends Report from DMAR
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