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April 2023 | Market Stats


  • LUXURY MARKET ($1,000,000 AND UP): "At the start of the year, gloomy predictions for the real estate market were broadcast far and wide. Everyone was waiting to see what would come in spring. The latest numbers are in and confirm, perhaps to the surprise of many, that the Luxury Market in Denver is alive and well. In March, median days in MLS in the Luxury Market went from 23 days down to eight, a dramatic 65.22 percent decrease. This decrease represented a rapid increase in market pace. What's more, the Luxury Market led the entire Metro Area in both pending and closed transactions, up substantially over the previous month by 48.92 percent and 51.37 percent, respectively. The average close price for homes in this segment is now $1,652,866, up 1.'12 percent from a year ago. Today, the detached segment offers 2.-1 months of inventory, while the at­tached offers three. As a result, the Luxury Market remains a seller's market ... at least for now. Market watchers will notice the close-price-to-list-price ratio in the luxury space inched up 1.10 percent month over month to 99.46 percent This means that sellers, on average, are receiving full price offers and are in control at the moment." Michelle Schwinghammer, DMAR Market Trends Committee member & Denver REALTOR®.
  • SIGNATURE MARKET ($750,000 - $999,999): "The big news in the Signa­ture Market is the significant increase in inventory, up a whopping 69.44 percent from February, represent­ing the biggest increase across all segments of our market. We welcome this expansion of options for buyers, but our inventory level remains down 13.34 percent year-over-year. With interest rates remaining more than double what many homeowners enjoy on their current mortgage, potential sellers seem to be staying put for now unless there is a pressing need to move. Although the pace of sales significantly increased month-over-month, the Signature Market did not see a similar acceleration in price. The average sale price in March increased slightly to $846,230, compared to $845,281 in Feb­ruary. With just 1.61 months of inventory in detached homes and 2.05 months in attached the Signature Market remains intensely competitive. Until rates drop to the low fives or below, expect this segment to feel tight as potential sellers sit in their homes enjoying their three percent 30-year mortgage rates." Colleen Covell, DMAR Market Trends Committee member & Denver REALTOR®.
  • PREMIER MARKET ($500,000 - $749,999): "With the fall slow down, bank shutdowns, and interest rates like a rollercoaster ride, one would expect to see the some impact on listings in the Premier Market, but that isn't the case. New listings in the Premier Market were up 57.45% from one month ago. Buyers obviously didn't care too much about the higher rates as we saw 15.58% of new listings move to pending status and 28.54% close. Sellers needed to be ready to move quickly with the median days in MLS dropping 51.29% from February. Pricing is key, and it appears that REALTORS® were pricing it right as we saw the close-price-to-list-price ratio come in at 99.98% last month. Great job nailing that pricing REALTORS® and learning to shift with this changing market." Brigette Modglin, DMAR Market Trends Committee member, and Denver REALTOR®.
  • CLASSIC MARKET ($300,000 - $499,999): " On the heels of a fall market that was relatively "soft" compared to recent years, the Denver Metro Classic Market is off and running this spring. Hunting for a home in this segment changed compared to the feverish activity of 2020 to 2022. Inventory remains tight in this price range. Metro Denver saw 331 fewer residential new listings this year versus last, a 20.80% decline. Most pronounced was the 29.37% continuing decrease detached single-family new listings. With demand continuing to be strong, the result becomes another classic supply versus demand tug of war. With low supply and strong demand, the close-price-to-list-price ratio continued to hold firm at 99.68% for detached properties and 99.99% for attached. Will late spring and early summer bring an increase in Classic Market properties? Nobody knows for certain, but I wouldn't expect a bonanza of additional inventory. Price appreciation has caused inventory of homes under $500,000 to plummet. Low inventory and strong demand are likely to be the Classic Market norm." William Maine, DMAR Market Trends Committee member, and Denver REALTOR®.
*Remarks from Page 17-18 of the March 2023 Market Trends Report from DMAR

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