Metro Denver/Boulder – April 2023

For many of our nearby communities, March brought a welcome burst of activity. The uptick of transactions was actually better than what we had anticipated, as the Spring Frenzy of 2023 was somewhat uncertain. Bank failures, inflation, high-interest rates, and low inventory didn’t deter many buyers and sellers.

Strategy over speed…they know this is an excellent season to make a move

•             Interest rates have been dropping as the Federal Reserve has made significant adjustments to address bank failures.

•             Buyers have come to terms with the rate remaining over 6%. Their budgets have been adjusted, plans with lenders and agents re-strategized, and negotiating power increased compared to 2020-2022.

•             Inventory remains low as many homeowners are enjoying their low-rate mortgages. So people are moving for typical reasons again (growing families, relocating, retirement).

•             Sellers with well-prepared, well-priced homes are moving quickly and are more likely to get multiple bids. The average Days on the Market and over-asking offers are tamer than 2020-2022 but within the standard market range, we experienced from 2013-2019.

•             Home Values are optimistic for the year as the spring keeps sales prices steady (and some communities have slight increases). That’s excellent news for homeowners, especially those who purchased at the height of the market a year ago and are eager for us to recover.

Will the Spring Frenzy keep its momentum? With volatile interest rates and our economy’s instability, watch the market’s weekly trends rather than monthly. But what buyers and sellers can count on right now:

Homebuyers, the more rates drop, the greater your competition (not to mention rate-reducing products, like 3/2/1 Buydowns, will also go away). I’ll help you prepare for multiple bids on turn-key homes since, like you; most buyers have less expendable cash for renovations. We will put together an effective plan and search strategy so you can act fast (but not hastily) when you find the right home.

Sellers, this month may be the ideal time to list for the largest return on your property. How much will your home sell for? I’ll provide you a local market analysis. Skip online calculations. In such a fluctuating market, pricing is most effective by evaluating what homes in your neighborhood are currently going for. With decluttering, touch-ups, staging, and excellent marketing, I’ll empower your property to be picture-perfect and show-ready.

Detached Single FamilyYear to Year
Mar ’22Mar ’23% change
Active Listings1,6273,16394.41%
New Listings4,3293,561-17.74%
Closed Price Median660,000620,000-6.06%
Closed Price Average793,132743,175-6.30%
Days on Market1139254.55%
Months Supply of Inventory1.782.540.45%
Average Percent of Original List Price106.64%99.83%-6.39%
Sales Volume2,647,474,2971,997,655,284-24.54%
Month to Month
Feb ’23Mar ’23% change
Active Listings2,6183,16320.82%
New Listings2,4143,56147.51%
Closed Price Median600,000620,0003.33%
Closed Price Average731,318743,1751.62%
Days on Market4939-20.41%
Months Supply of Inventory2.642.5-5.30%
Average Percent of Original List Price98.81%99.83%1.03%
Sales Volume1,390,966,2901,997,655,28443.62%
AttachedYear to Year
Mar ’22Mar ’23% change
Active Listings5941,353127.78%
New Listings1,7061,532-10.20%
Closed Price Median424,500405,750-4.42%
Closed Price Average496,279475,655-4.16%
Days on Market1233175.00%
Months Supply of Inventory1.562.61%-98.33%
Average Percent of Original List Price105.81%99.80%-5.68%
Sales Volume731,515,611524,171,910-28.34%
Month to Month
Feb ’23Mar ’23% change
Active Listings1,1601,35316.64%
New Listings1,0371,53247.73%
Closed Price Median400,000405,7501.44%
Closed Price Average473,995475,6550.35%
Days on Market4533-26.67%
Months Supply of Inventory2.89%2.61%-9.69%
Average Percent of Original List Price99.06%99.80%0.75%
Sales Volume359,762,009524,171,91045.70%

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