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November 2023 Market Stats

"Despite a shifting market and general uncertainty, people are still buying and selling homes. In the Denver Metro area, it is rare to see inventory rise toward the end of the year, as we tend to see the lowest inventory numbers within the last two months of the year. Of particular note, we've surpassed the inventory numbers year-over-year. New listings dropped 16.84 percent to 3,816 month-over-month; however, this drop is normal due to seasonality and, more importantly, is down 0.65 percent year-over-year. Active listings at month-end finished at 7,482, up slightly by 2.63 percent from this time last year. Pending sales are up slightly from this time last year, up 1.76 percent.
A helpful guiding principle is to look at historical data as opposed to getting hysterical. If you look at the year-to-date numbers, this year performed most closely to pre-pandemic levels of 2019. Sales volume is over $24 million, median days in the MS is at 11 for 2023 - which is just one day shy of the median in 2019 - and the close-price-to-list-price ratios are both over 99 percent, while pandemic years were over 103 percent."
Libby Levinson-Katz
Chair of the DMAR Market Trends Committee | Denver REALTOR®

  • LUXURY MARKET ($1,000,000+): "As you drive throughout Colorado, it's impossible not to notice how vibrant the leaves have been. As we transition away from October, the Halloween decorations get put away and the leaves start to fall. The same can be said for the real estate market. The peak of inventory (options for buyers to choose from) is over as we transition to winter. That transition comes with change that can be seen in the over $1 million price segment. The number of new listings is down 15.96 percent compared to the previous month, which is consistent with the rest of the market with seasonal norms and with what we have been seeing from the "golden handcuffs." Andrew Abrams, DMAR Market Trends Committee Member & Denver REALTOR®.
  • SIGNATURE MARKET ($750,000 - $999,999): "Buyers braving the cold weather, increased interest rates, and squeezing in showings before dark are on the hunt for value in the $750,000 to $999,999 price range. The data suggests we're approaching a balanced market with 2.53 months of inventory for detached properties and 3.24 months for attached. The median days in MLS is still a swift 16 days, and properties can transition from active to pending in under 34 days, the current days in MLS average for this price segment." Keri Duffy, DMAR Market Trends Committee Member & Denver REALTOR®.
  • PREMIER MARKET ($500,000 - $749,999) "Halloween is behind us so let's not sugarcoat things. A lot of people are stressed right now for legitimate reasons. National and global headlines on multiple issues have folks concerned, reticent, and a bit unnerved. While it's natural to want to pull up the covers and hibernate until spring, buyers and sellers willing to dig a bit deeper will benefit by studying the data to prepare for the days ahead. In October, the median price for a home in the Denver Metro area was $585,000, rock steady from the previous month. For homes between $500,000 and a$749,999, the close-price-to-list-price ratio came in at 99.29 percent, the highest of all segments. In this range, attached homes performed as well as traditional detached single-family homes." Michelle Schwinghammer, DMAR Market Trends Committee Member, and Denver REALTOR®.
*Remarks from Pages 15-16 of the November 2023 Market Trends Report from DMAR

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