Michael RushReal Estate Broker, Keller Williams Realty DTC · Real Estate Broker at Keller Williams Realty DTC

Greater Denver Area Market Update - February 2023 (Will the recession make home prices plummet!? 🏠)

3 Feb 2023 · 2 min

Watch on YouTube

2:24

In this February 2023 market update for the Greater Denver area, the speaker presents the latest housing statistics and trends. Single‑family home prices average just above $688,000, up 1.2% YoY, while townhomes/condos average $444,000, up 1% YoY. Active listings have surged 87% YoY to 3,925, though new listings are down 19.6% YoY but 60% higher than the prior month, reflecting seasonality and improving interest rates. Pending sales sit just above 3,100, down 11.3% YoY but up 40.2% MoM, indicating a market rebound. The price‑to‑list ratio slipped to 98.2%, and average days on market rose to 45, giving buyers more negotiation time. The speaker advises sellers on timing their listings amid deflationary pressures and a looming recession that could lower rates and boost demand, and encourages buyers to leverage current programs and negotiate. The video ends with a request for referrals and an offer to provide personalized market analyses.

Chapters

The greater Denver area market statistics are hot off the press, so let's get right into it. Single-family home prices are just above $688,000, and that's up 1.2% year over year. Townhome and condo prices are at $444,000, which is up 1% year over year. Active listings are up 87% year over year, and they're sitting at 3,925 as sellers hunker down and take advantage of the low interest rates they were able to capitalize on. We had 2,699 new listings, which is 19.6% lower year over year, but it's 60% higher than last month. Now, this is due to seasonality, and it's also due to slowly getting more favorable interest rates. Pending sales were just above 3,100, down 11.3% year over year, but up 40.2% from last month, which is just showing that the market is starting to heat back up. Percent of close price to list price dropped slightly to 98.2%, as buyers continue to negotiate seller buydowns and lower purchase prices. The average days in the MLS increased slightly to 45 days, giving buyers a little bit more time to negotiate And actually work through their contingencies. If you're thinking about selling and want a market analysis done on your home and your neighborhood, I'd be happy to help you with that. I'll also give you my advice as far as timing the market and putting your house on the market at the best possible time as we enter deflationary times and enter a recession, which will be bringing down interest rates and increasing buyer demand. If you're a buyer and you're looking to take advantage of all these different programs and these strategies, you have an opportunity right now to get a great property at a good price, have your inspection, have your appraisal, and negotiate some other things. If you have friends or family members that could benefit from a real estate professional like myself, I'll take great care of them, and I'm always grateful for your referrals. Thank you.