Mixed Signals on the Housing Market – February 2023 Metro Denver Market Update
As expected, sellers who waited during the holidays to list their homes were ready to list at the beginning of the new year. The number of new listings in January increased 65% compared to December.
January’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – included:
- The average price for homes was down 1% compared to the previous month but up 3% from January 2022;
- The average days in the MLS were up 7% from the prior month and 130% from a year ago; and
- Active listings at month end were down 13% from December but up 248% from this time last year.
Buyers appear to be coming back into the market with mortgage purchase applications jumping 15% in January and bidding wars starting up again. Although homes are selling slower and the close-price-to-list ratio has decreased due to the significant increase in interest rates and the associated reduction in buyers’ purchasing power, Denver’s home prices have been stable. This is largely due to inventory remaining low. As the impact of the COVID-19 pandemic on the housing market subsides and we return to pre-pandemic trends, the market is expected to remain resilient.
If you need any advice or assistance navigating our real estate market, contact me today at 303.710.5817 or firstname.lastname@example.org. I am never too busy for your referrals.
This update is based on information provided by the Denver Metro Association of Realtors® for the period of January 1, 2023, through January 31, 2023, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.