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August 2023 | Market Update


"As summer vacations end and interest rates continue to climb, the Denver market remains unpredictable.
Would-be buyers and sellers are weighing the "golden handcuff' dilemma. They love their historically low interest rates on their home, but no longer love their home. To give some context, 91.8% of mortgages in the U.S. are under 6%, while 82.4% are under 5%. To showcase this current issue, new listings were down 15.33% month over month and down 24.76% from this time last year. Conversely, active listings at month-end were up 3.76% month over month, showcasing a slight increase in inventory.
There may be some light at the end of the tunnel for those of us who thrive on a predictable market. Historically, July and August are slower months with a rebound occurring in September. Since the spring market was a bit of a bust, are we in for some delayed gratification with a stronger fall?"
Libby Levinson-Katz
Chair of the DMAR Market Trends Committee | Denver REALTOR®

  • LUXURY MARKET ($1,000,000+): "It's often said that sellers in this market of homes priced over $1 million must be patient and willing to wait, sometimes months, for the right buyer to come along. And buyers in this price range are selective and may have to wait several months to find that perfect home. In July of 2023, 425 homes priced over $1 million closed, with 53.3% falling below $1.5 million. With only 2.42 months of inventory, buyers in the $1 to $1.5 million price segment found themselves having to move quickly, make competitive offers and "jump" on their desired purchased, while many sellers were able to receive several competitive offers within a week or two of putting their homes into active inventory." Susan Thayer, DMAR Market Trends Committee member & Denver REALTOR®.
  • SIGNATURE MARKET ($750,000 - $999,999): "We all felt it - the July market went on vacation like the rest of us! Activity in the $750,000 to $999,999 sector was no exception with a notable slowdown in activity from June. New inventory decreased month over month by 13.73% in July. There were 842 new listings, the majority of which were detached homes. This is a big 20.57% decrease from July 2022, when sellers were in a rush to get their homes on the market before the rising interest rates put the brakes on the buying frenzy. The market feels locked. Potential sellers will not contribute to our low housing stock until they are incentivized to shed their "golden handcuffs" of low-rate mortgages." Colleen Covell, DMAR Market Trends Committee member & Denver REALTOR®.
  • PREMIER MARKET ($500,000 - $749,999) "It's no surprise that after multiple years of buyers essentially bowing to seller's demands, many buyers are less than thrilled about continuing that trend and are ready to exercise a more discerning eye. However, what they're finding when they hit the pavement is almost a tale of two markets. The best house on the block continues to draw ample attention and demand, while homes with undesirable features are not quite the "deal" they're looking for due to relatively high intertest rates leaving many sellers not yet ready to participate in today's market." William Maline, DMAR Market Trends Committee member, and Denver REALTOR®.
*Remarks from Pages 15-16 of the August 2023 Market Trends Report from DMAR

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