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Active inventory, new listings and pending sales all decreased month-over-month. Average days on market increased significantly month-over-month, and closed sales decreased showing that the market continues to slow as we approach the end of the year.
November’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – included:
- The average price for homes was down 3.47% compared to the previous month and up 0.40% from November 2022.
- The average days in the MLS increased 18.75% from the prior month and are up 11.76% from a year ago. The median days in MLS increased from 16 days to 22 days month-over-month.
- Active listings at months-end were down 10.67% from November and up 6.89% from this time last year.
This festive season is a prime opportunity for buyers to shop for homes, with sellers more motivated to negotiate compared to peak market months. Reduced competition enhances buyers’ chances of securing their dream homes. The close-to-list-price ratio remains strong at 98.56%, but behind the scenes, sellers are negotiating significant concessions, particularly towards lender buy-downs, mitigating the impact of high interest rates. Sellers, on the other hand, are presented with the gift of time, as homes are taking longer to sell, allowing for preparation and addressing deferred maintenance. The median days on market has grown to 22 days, offering sellers the chance to set realistic expectations and embrace a slower-paced market.
As interest rates show a downward trend, there’s anticipation of increased demand, potentially bringing bidding wars back into play. Amidst the shifting market, finding balance and appreciating the gifts available in the marketplace is a welcomed perspective as the real estate landscape approaches a sense of equilibrium reminiscent of the pre-pandemic years.If you need any advice or assistance navigating our real estate market, contact me today at 303.710.5817 or ladawn.sperling@cbrealty.com 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 November 1, 2023, through November 30, 2023, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.
