February 2023 Market Stats

By Todd Narlinger
Posted Monday, Feb 20, 2023

"To paraphrase the adage: will we love the Denver real estate market this year or love it not? While the signs are still mixed. I predict the outlook for 2023 is bright.

Buyers are back in the market with bidding wars being reported again, much to the delight of sellers. In fact, buyers were so keen to jump back into the market that active listings at month end dropped 13.39 percent to 4,120 properties. Sellers who held off listing their homes over the holidays were eager to get their homes listed to kick off the New Year right, with new listings increasing 65.20 percent to 2,858 listings."

Libby Levinson-Katz, Chair of the DMAR Market Trends Committee and Denver REALTOR®

LUXURY MARKET ($1,000,000 AND UP): "This January, the Denver Metro Luxury Market awoke from its seasonal slumber. Inventory increased dramatically from December, with 308 new luxury homes coming to market, an increase of 109.52 percent. The number of homes that went under contract also dramatically increased from the previous sleepy holiday month, up 58.47 percent. Although the Luxury Market is shifting into a higher gear, this segment is still low on inventory, short by 6.38 percent from the number of new listings in January 2022." Colleen Covell, DMAR Market Trends Committee member, and Denver REALTOR®.

SIGNATURE MARKET ($750,000 - $999,999): "Since April 2022, when we hit the high-water mark for average close price in Denver Metro, there has been a lot of talk, and writing, about how we are seeing a normalizing market. We experienced the winter slowdown these past few months, and some people even asked, "where is the bottom?" Listen to the right (or wrong) podcasts, and you will even hear that the market is set to crash soon. Despite these mixed messages, the data shows the Denver Metro housing market remains stable and strong. Every market presents its own challenge and, more importantly, an opportunity for those who know where to find it. This market is no different, and the Signature Market is a microcosm of that sentiment." Nick DiPasquale, DMAR Market Trends Committee member, and Denver REALTOR®.

PREMIER MARKET ($500,000 - $749,999): "The Premier Market represents Denver's leading market segment and 40 percent of all home sales. In January, the average price for the Denver Metro area was $626,311, a near bullseye of the Premier Market. Notably, in 2023, FHA mortgage limits in Denver County were raised to $787,750, now encompassing this entire market segment." Michelle Schwinghammer, DMAR Market Trends Committee member, and Denver REALTOR®.

CLASSIC MARKET ($300,000 - $499,999): "Inventory is up and excitement is brewing. Spring is in the air and the market is heating up, especially for those looking for homes in the Classic Market. In a month where the median days in MLS for all detached homes hit 36, the Classic Market was only at 31, five days less than the rest of the MLS. And while the MLS saw a decrease in close-price-to-list-price in January at 98.15 percent, which is 0.27 percent less than December 2022, the Classic Market saw an increase to 98.59 percent in January 2023, up 0.09 percent from December 2022. Let's look closer at the ups and downs January 2023 brought to homes between $300,000 and $499,999." Susan Thayer, DMAR Market Trends Committee member, and Denver REALTOR®.

*Remarks from Page 17-18 of the February 2023 Market Trends Report from DMAR

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Todd Narlinger, founder and owner of Madison & Company Properties took a leap of faith and opened his own real estate company at the height of the market crash in 2008. Led by an infectious passion and a dedication to serving others, 14 years later, Narlinger has one of the most reputable boutique brokerage firms in the Denver Metro area.