March 2023 Denver Real
Estate Market Report
Despite higher interest rates, the spring home buying fever is setting in and Realtors are receiving multiple offers on properties priced correctly, houses below $600,000 or over $1 million, remodeled homes and/or properties in unique or desirable locations. As buyer activity increased in February and more homes hit the market, the median close price for a detached home rose 0.84% to $600,000, while the median price for an attached home rose 1.14% to $400,000. Month-over-month, home prices increased which is consistent with seasonal trends and Denver-area real estate as still considered a “sellers market”.
The Denver real estate market continues to stabilize,
leaving buyers and sellers looking ahead to the spring selling season to
provide insights into how the rest of the year will unfold. New
listings, pending sales and closed sales all trended upward
month-over-month for attached and detached homes, with the largest gain
in closed sales increasing at 25.30 percent. The median days in MLS for
detached homes dropped 29.73 percent from 37 days in January to 26 in
February. Meanwhile, the median days in MLS for attached homes dropped
17.86 percent from 28 to 23 days.
DMAR's monthly report also includes statistics and analyses in its supplemental “Luxury Market Report” (properties sold for $1 million or greater), “Signature Market Report” (properties sold between $750,000 and $999,999), “Premier Market Report” (properties sold between $500,000 and $749,999) and “Classic Market” (properties sold between $300,000 and $499,999).
Below is my March 2023 Market Snapshot/Infographic (based on February stats). If you or someone you know is interested in learning more about the impact of rising home values & mortgage interest rates and how it may affect your decision to buy or sell, 'Just Call Ants' at 303.520.3179. Anthony is here to provide expert advice & counseling that will empower you to make the best, most-educated decision possible. Knowledge is Power - so get The Scoop and gain a better understanding of Denver's rapidly changing real estate market.
Each RE/MAX Office Independently Owned and Operated
REMAX | RE/MAX, LLC | RE/MAX Rocky Mountain | RE/MAX Alliance | REMAX.com