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2023 October Market Stats

"While the market was unpredictable this spring, we are seeing the traditional seasonal slowdown in resi­dential sales as fall takes over.
 
This month's data indicates a shifting market. New listings dropped 5.92 percent to 4,589 homes, while active listings at month's end rose 11.24 percent to 7.629 listings. Pending sales also fell 9.29 percent, closed sales declined 20.88 percent and, as such, sales volume declined 20.88 percent. Months of in­ventory jumped 47.24 percent to 2.4, while median days in MLS jumped 27.27 percent to 14 up from 11 days last month, which notably is a 12.5 percent decline year-over-year. I want to point out, however, that while inventory is growing, the median price point also grew 0.69 percent up last month to $585,000, which is also an increase year-over-year of 0.86 percent. Additionally, the close-price-to-list-price ratio was up 0.31 percent year-over-year to 99.19 percent.
 
In many ways, this is the perfect market for first-time homebuyers to seize opportunities. While interest rates are high, these buyers can negotiate instead of jumping into bidding wars where they might pay 10 percent over the asking price to secure a property like many did over a year ago."
 
Libby Levinson-Katz
Chair of the DMAR Market Trends Committee | Denver REALTOR®


  • LUXURY MARKET ($1,000,000+): "As the summer drew to a close, we were all hopeful that two things would make a seasonal come-back in September, the Denver Broncos with their new high-profile coach and the Denver housing market. Unfortunately, that September boost did not happen for either. Instead, the $1 million and above market segment, like the Bronco's running game, defied our optimistic predictions and slowed down even more from a sleepy summer. The decrease in activity across the board has caused the highest inventory levels that we have seen for a while. Thus, this portion of the market has finally tipped into a balanced - if not buyer's - market for the first time in recent memory." Colleen Covell, DMAR Market Trends Committee Member & Denver REALTOR®.
 
  • SIGNATURE MARKET ($750,000 - $999,999): "The data is starting to reflect what we have all been feeling for the past few weeks. The fall slowdown is in full swing, and we'll likely ride this trend through the end of the year. Interest rates, market uncertainty, and affordability are all headwinds on the market as we work through the remainder of 2023. The foundation of the market remains stable; buyers and sellers are working together to find creative solutions through stabilized pricing, rate buydowns, and patience. Buyers will be happy to see inventory increase, giving them more choices and time to research their options and find the best home. Sellers need to be patient, understanding that buyers feel less urgency to decide the first day they see the property." Amanda Snitker, DMAR Market Trends Committee Member & Denver REALTOR®.
 
  • PREMIER MARKET ($500,000 - $749,999) "As the leaves change and the weather shifts, the $500,000 to $749,999 market continues to evolve. Whether you are looking at months of inventory, year-to-date information or any other metric, properties priced under $750,000 are in the highest demand relative to the rest of the market. The dynamics of how buyers and sellers engage in the real estate market have shifted over the past few years, altering their approaches to the buying and selling processes. If you are a seller, the high demand at this price point does not mean that you can price a property any way you choose. Listing strategically, ensuring there are professional photos, staging, and marketing by a professional REALTOR® has never been more important." Andrew Abrams, DMAR Market Trends Committee Member, and Denver REALTOR®.
*Remarks from Pages 15-16 of the October 2023 Market Trends Report from DMAR

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