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2023 September Market Report

"The Denver Metro Area historically leads National trends. We exited the Great Recession ahead of the rest of the country and experienced a surge in real estate sales during the early days of COVID-19 while the rest of the country tried to find its bearings. While we work to navigate this new landscape, it's important to note that Denver remains one of the Nation's strongest housing markets.
So, what does that mean locally? Simply put, inventory is slowly growing, inching us closer to a balanced market that gives buyers and sellers equal footing. New listings increased 1.74 percent, and pending sales increased by 0.76 percent month over month. More notably, active listings at month's end increased 8.87 percent month over month to 6,858, while pending sales declined 13.91 percent and closed volume declined 16.11 percent. Activity is slowing slightly with inventory increases. The median close price dropped 1.36 percent from $590,000 to $582,000 and median days on the market increased 22.22 percent to 11 days."
Libby Levinson-Katz
Chair of the DMAR Market Trends Committee | Denver REALTOR®
  • LUXURY MARKET ($1,000,000+): "Navigating the current housing market requires a good game plan and lots of patience, whether you are buying or selling your home. This is most apparent when looking at homes over $1 million, a market segment where we typically see the greatest balance in Denver Metro. Balance is evaluated through inventory levels, days on market, and close price, among other criteria. Like any economic factor, it boils down to supply and demand. Supply for homes over $1 million is currently increasing at a time when seasonal demand is waning. New listings are up 5.21 percent from July, while closings are down 8.32 percent. Year to date new listings are only down 5.88 percent from the frantic pace set last year. Closings, on the other hand, are down 24.06 percent." Nicholas DiPasquale, DMAR Market Trends Committee member & Denver REALTOR®.
  • SIGNATURE MARKET ($750,000 - $999,999): "This time of year, we tend to see a drop in activity as people take vacations, kids are at home and families prepare for a new school year, but buyers and sellers shopping for homes between $750,000 - $999,999 managed to surpass expectations. Month over month, sales in this segment inched up 3.31 percent. Pace was also healthy, with detached single-family homes and attached homes moving equally quickly; median days in MLS for both home types was just two weeks. Months of inventory in this price segment remains a seller's market for detached homes with a 1.95-month supply, while buyers have 2.59 months of inventory of attached homes to choose from." Michelle Schwinghammer, DMAR Market Trends Committee member & Denver REALTOR®.
  • PREMIER MARKET ($500,000 - $749,999) "When I got the call from buyers interested in purchasing a home priced between $575,000 and $675,000 in Castle Rock, I was super excited. Why? Because that is the price segment in Castle Rock where the tides are turning. Inventory is creeping up, homes are taking longer to sell and buyers are getting a bit of a break. As a whole, homes priced between $500-$750,000 make up most of the transactions in the 11-county MLS as 40 percent of all closed transactions in August were in this price segment. This segment is where the action is!" Susan Thayer, DMAR Market Trends Committee member, and Denver REALTOR®.
*Remarks from Pages 15-16 of the September 2023 Market Trends Report from DMAR




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