Understanding the April 2023 Market Update for Home Buyers and Sellers
In the world of real estate, an understanding of market updates can be extremely beneficial for homebuyers and sellers alike. As we dive into the April 2023 market update, it’s essential to keep in mind that the market remains relatively unchanged from a month-to-month perspective overall. However, there are some notable changes in the year-to-year numbers that could impact the buying and selling process. In this blog post, we’ll take an in-depth look at the April 2023 market update and what it means for home buyers, sellers, and homeowners.
According to the numbers provided by the Denver Metro Board of Realtors, the lagging indicators for single-family homes saw a decline of 6% in prices compared to the previous year. Along with this, leading indicators showed that inventory has risen by 33%, while sales numbers have decreased by 30%. These numbers are significant as they may continue to put downward pressure on prices. So, what does this mean for home sellers? It’s important to realize market conditions and adjust accordingly. On the other hand, home buyers are gaining more opportunities in this marketplace.
Moving on to the attached market (townhomes and condos), we see similar conditions, but a sizeable spike of 80% in the available inventory has been noted. This is coupled with a 30% reduction in sales. Such changes indicate a shift in market dynamics, which can be advantageous for homebuyers. As the housing supply increases, home buyers now have more power in this marketplace. This is a significant signal for those looking to invest in the real estate market.
Another critical aspect of the April 2023 market update is the decrease in sales volume, which has reduced by 34% for single-family homes and 33% for the attached market. This change is notable as it indicates buyers are taking more time to decide. This may be due to pricing and availability issues. As a result, home sellers may have to adopt a more patient approach while the market stabilizes. The real estate market is dynamic, and it’s essential to be aware of all the fluctuations. The April 2023 market update has given us a clearer picture of the market, with valuable insights into the housing inventory and sales numbers. Additionally, potential buyers and sellers should understand the current housing supply to take advantage of a market that is currently more favorable to them.
In conclusion, the April 2023 market update indicates that there has been a shift in the housing market in terms of availability and sales. This shift means that buyers now have more power in the market, and sellers should take note of this reality as they adjust prices and strategies. It’s important to keep in mind that the real estate market can be unpredictable, but with the right knowledge and approach, both buyers and sellers can make informed decisions. Stay tuned to future market updates to ensure that you remain ahead of the curve when it comes to real estate transactions.
| Detached Single Family | Year to Year | ||
| April ’22 | April ’23 | % change | |
| Active Listings | 2,445 | 3,257 | 33.21% |
| New Listings | 5,019 | 3,377 | -32.72% |
| Pending | 3,855 | 3,186 | -17.35% |
| Closed | 3,686 | 2,590 | -29.73% |
| Closed Price Median | $680,000 | $640,000 | -5.88% |
| Closed Price Average | $822,498 | $772,170 | -6.12% |
| Days on Market | 9 | 30 | 233.33% |
| Months Supply of Inventory | 2.02 | 2.56 | 26.73% |
| Average Percent of Original List Price | 107.15% | 100.25% | -6.44% |
| Sales Volume | $3,031,729,049 | $1,999,919,877 | -34.03% |
| Month to Month | |||
| Mar ’23 | April ’23 | % change | |
| Active Listings | 3,163 | 3,257 | 2.97% |
| New Listings | 3,561 | 3,377 | -5.17% |
| Pending | 2,970 | 3,186 | 7.27% |
| Closed | 2,688 | 2,590 | -3.65% |
| Closed Price Median | $620,000 | $640,000 | 3.23% |
| Closed Price Average | $743,175 | $772,170 | 3.90% |
| Days on Market | 39 | 30 | -23.08% |
| Months Supply of Inventory | 2.5 | 2.56 | 2.40% |
| Average Percent of Original List Price | 99.83% | 100.25% | 0.42% |
| Sales Volume | $1,997,655,284 | $1,999,919,877 | 0.11% |
| Attached | Year to Year | ||
| April ’22 | April ’23 | % change | |
| Active Listings | 759 | 1,363 | 79.58% |
| New Listings | 1,871 | 1,381 | -26.19% |
| Pending | 1,599 | 1,303 | -18.51% |
| Closed | 1,591 | 1,111 | -30.17% |
| Closed Price Median | $440,000 | $410,000 | -6.82% |
| Closed Price Average | $490,772 | $471,997 | -3.83% |
| Days on Market | 8 | 25 | 212.50% |
| Months Supply of Inventory | 1.65 | 2.46% | -98.51% |
| Average Percent of Original List Price | 106.24% | 100.12% | -5.76% |
| Sales Volume | $780,818,792 | $524,389,187 | -32.84% |
| Month to Month | |||
| Mar ’23 | April ’23 | % change | |
| Active Listings | 1,353 | 1,363 | 0.74% |
| New Listings | 1,532 | 1,381 | -9.86% |
| Pending | 1,304 | 1,303 | -0.08% |
| Closed | 1,102 | 1,111 | 0.82% |
| Closed Price Median | $405,750 | $410,000 | 1.05% |
| Closed Price Average | $475,655 | $471,997 | -0.77% |
| Days on Market | 33 | 25 | -24.24% |
| Months Supply of Inventory | 2.61% | 2.46% | -5.75% |
| Average Percent of Original List Price | 99.80% | 100.12% | 0.32% |
| Sales Volume | $524,171,910 | $524,389,187 | 0.04% |
