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

June 2023 Colorado Market Update 🏘️

13 Jun 2023 · 4 min

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3:49

In this June 2023 market update, Colorado real‑estate specialist Michael (Mike) Rush provides a concise briefing on national monetary conditions and their impact on mortgage rates, then dives into detailed Denver‑metro statistics. He notes that the debt‑ceiling delay and ongoing Fed rate hikes have created rate volatility, but anticipates a potential easing in June‑July. Locally, single‑family home prices fell 2.4% to $780K and condo/townhome prices fell 2.1% to $481K. New listings dropped 23.5% YoY to about 4,900, while active listings rose slightly to 4,700 (+1.7% YoY). Buyer demand is down 24.4% YoY to roughly 4,300 homes but up 2% from the prior month. The sold‑to‑list price ratio slipped to 100.5% (‑4.8% YoY), indicating competitive pricing. Average days on market rose 133% YoY but fell 25% month‑over‑month to 21 days. Rush highlights Land Title’s new “projected market time” metric, which breaks down expected contract‑to‑listing intervals by price band (e.g., single‑family < $500K: <15 days; $500‑$750K: <26 days; condos < $500K: 23 days; $500‑$750K: 46 days). He interprets these figures to affirm that the region remains largely a seller’s market, with a hot market up to 60 days, a seller’s market to 90 days, and a balanced market beyond 90 days. He concludes by urging viewers to partner with a caring real‑estate agent to navigate any market condition.

Chapters

Hey everybody, this is Mike Rush here, your Colorado real estate guide. We got the new market stats for the greater Denver metro area, so let's jump right into them. Rates have been showing some volatility as the decision to increase the debt ceiling Took longer than expected and went into the 11th hour. Also, the Fed has been continuing to increase the Fed funds rate, even though we've been showing signs of cooling inflation. So hopefully in June and July, the Fed backs off on their rate increases. And then we'll see favorable mortgage interest rates through the summer. So that's what's going on nationally. Now let's take a look at what's going on locally in the Denver metro area. The single-family average decreased 2.4% to $780,000. The condo and townhome average decreased 2.1% to $481,000. New listings are around 4,900, which is a decrease of 23.5% year over year. Active listings are near 4,700, which is up 1.7% year over year. Demand is around 4,300 homes, and that's down 24.4% year over year, but that's up over 2% from the previous month. The percent of closed price to list price is a really interesting number because we're replacing record-breaking numbers from 2022. The number is 100.5%, and that's showing that realtors and sellers are listing their homes competitively, and they're really looking at those comparables before putting it on the market. Now this is down 4.8% year over year, but again, it's replacing those record-breaking numbers. Average days in MLS is up 133% year over year, but what's interesting is it's down 25% from the previous month to 21 days. I want to give a huge shout out to Land Title for always getting these market stats, and they just came out with a really new stat which is called projected market time. which really takes a look at the different segments and prices on single-family homes and condos and townhomes and shows us what that expected time is for it to be on the market before going under contract. For single-family homes priced under $500,000, the projected market time is under 15 days. And for homes that are priced $500,000 to $750,000, the projected market time is under 26 days. The projected market time for condos and townhouses priced under $500,000 is 23 days. And for those priced from $500,000 to $750,000 is 46 days. So, it's important to remember what those numbers are telling us and that we're still in mostly a seller's market. From 0 to 60 days, we're still in a hot seller's market. From 60 to 90 days, we're in a seller's market. And then from 90 days to 120 days, we've then reached a balanced market. So despite what we're hearing, despite, you know, seeing slight price reductions, you got to remember that we're replacing the record numbers from last year, and it's still a seller's market, and it's still a hot market. As soon as we see a little bit of improvement in those mortgage interest rates, things are going to heat up. No matter what the market is doing, whether it's a seller's market, a buyer's market, whether it's a hot market or a slow market, you can still make good real estate decisions. And you just need to have a real estate guide that cares about you. This is Michael Rush, and I'll see you tomorrow.