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

November 2023 Colorado Market Update 🏘️

12 Nov 2023 · 2 min

Watch on YouTube

2:09

In this solo video, Colorado real‑estate specialist Michael Rush delivers a market update for the greater Denver area, tying local housing trends to the latest macro‑economic data. He begins by reviewing the October 2023 jobs report, noting a lower-than‑expected 150,000 jobs added and a slight rise in unemployment to 3.9%, which he interprets as early signs of labor‑market cooling. He then presents a suite of Denver housing statistics: single‑family home prices averaged $770,000, up 4% YoY; townhomes and condos averaged $479,000, up 1.7% YoY; new listings fell about 2% YoY to just under 3,600; active listings dropped 22% YoY to under 7,000, reflecting seasonal effects and seller caution. Pending sales declined 1.1% YoY but rose 1.5% month‑over‑month to just over 3,000. The close‑to‑list price ratio ticked up 0.3% YoY to 99.1%, and average days on market increased to 30 days, a 7.1% YoY rise. Rush links these trends to recent interest‑rate movements, expressing hope that Fed funds rates will eventually ease. He concludes with a personal invitation for viewers to contact him for any real‑estate needs in Denver.

Chapters

What's up everybody? This is Michael Rush, your Colorado real estate guide, bringing you another market update for the greater Denver area. And today we also have an update on October's jobs report, which actually showed us signs of the market cooling. Now in August and September, the jobs reports were recast 100,000 jobs lower. And last month in October, the jobs report came in low at 150,000 jobs. Now if this is recast as well, we're going to see even more signs of cooling, which is good for the labor market. We also saw unemployment tick up slightly to 3.9%. Now for our greater Denver area market stats, the single-family home price average increased to $770,000, which is up 4% year over year. The townhome and condo average increased to $479,000, which is up 1.7% year over year. New listings decreased 2% year over year to just below 3,600. Active listings decreased 22% year over year to just under 7,000 listings. This is due to seasonality and sellers continuing to take the wait-and-see approach. Pending sales and demand saw a year-over-year 1.1% decline, but they saw a 1.5% increase month-over-month to just over 3,000. Percent of close price to list price increased slightly by 0.3% year-over-year to 99.1%. And lastly, days on market increased to 30 days in the MLS, which is up 7.1% year-over-year. So as mentioned before, the labor market is seeing some signs of cooling. And we saw interest rates rally a little bit last week. So I think we're going to continue to see these signs and see these numbers, and hopefully we'll start to see those interest rates and the Fed funds rate start to come down. As always, my name is Michael Rush. If you have any real estate needs in the greater Denver area, any questions at all, just give me a call or text me. I'd love to help you. See you tomorrow.