The Current State of Denver Real Estate - March 17, 2023
Spring is Just Around the Corner!
March has historically been the beginning of the home buying season in the Denver Metro area. This year appears to be no different.
The February 2023 housing stats for the seven county Denver Metro area are now available. The biggest issue right now seems to be inventory. Despite housing prices falling year over year by 2.8% to a median sales price of $556,250, the number of properties closed are down over 18% to a mere 2,675 units. Despite interest rates increasing substantially since February of 2021, people still need to purchase homes and buyers are out there. The number of new listings dropped from 4,102 from 02/2022 and were averaging around 3,300 for the month of February, 2023. A quick search today of active listings show an increase to 4,130, which is the direction you would expect for the middle of March.
So, if you are a Seller now would be an ideal time to list your home, before more homes hit the market as we get closer to summer. Inventory is still on the low side and there are multiple offer situations still playing out, depending on how well you prepared your home in advance of listing it. That’s where the expertise and guidance of The Tucker Team plays such a critical role. You want to make sure your home stands out above the rest, is priced correctly and is advertised extensively with the latest technology, so that the buyers out there choose to tour your home and submit an offer if it fits their needs!
As for Buyers, rates did drop a little this past week, due to the fear of additional banking collapses. So, for the short term, with housing prices down, inventory on the rise and lower interest rates, this might be your window of opportunity to get into the home of your dreams! I’ve been seeing a few more assumable mortgages popping up too, which provide a great opportunity for the right buyer as well.
For more information, click on the link for the latest housing stats courtesy of SMDRA: February 2023 Denver Housing Stats