Denver Real Estate Statistics
Here are the December 2022 Denver Metro Real Estate statistics. The year ended much slower than it began. Current active listings are about 4500 as of today which certainly is much higher than last year however still remain low as compared with pre pandemic numbers. As we have mentioned, many predictions for 2023 will be based on history from 2013-2019 rather than including the highly unusual and unpredictable pandemic years. We have more inventory due to homes remaining on the market longer not necessarily that there are more sellers. Experts believe there are still lots of buyers on the sidelines waiting for the right opportunity. Buyers certainly have somewhat of an edge right now because sellers are motivated, willing to negotiate and or offer concessions. We anticipate seasonally that the market will have the historical pickup in March which with lower inventories could result in a bit more competition; nothing like last year but with many sellers staying put it certainly could happen. Sellers, now is a great time to list as many are waiting for spring selling season, this could be an opportunity while inventories are lower. Sellers just have to adjust their expectations from last year. Homes will remain on the market longer, (median days on market in December was 26 days), be flexible with showing times and price competitively. Low inventory has kept prices up as we can see by the median price of $553,500.
2022 in review as we have mentioned in previous posts has been like 2 separate markets but now if we look at the year in full this is what we see. Over the last 10 years appreciation has been 150%. Denver saw an appreciation of 45% from January 2020 through its peak in May of 2022 and since then has given back 4.95% (Per Corelogic) Those are still strong price gains. Experts believe that 2023 will bring us minimal appreciation that will normalize our market, around 2 percent however that could be different in varying locations, price points as well as time of year. Supply and demand has been the talk throughout 2022 and it will be a factor in 2023 as well however interest rates are still a huge factor. NAR believes that mortgage rates have peaked however are still much lower than 8% which is the historical average of a 30 year fixed mortgage.
Closed listings are down significantly and we are ending the year with a considerably lower number of sold units but similar to the number of units sold in 2019 and would expect similar numbers, maybe a bit lower for 2023.
People still buy and sell real estate in all types of markets and that is certain.
Please reach out to us if you would like further information or are thinking of buying, selling or investing. We would love to help.
Here's to a joyful, healthy, and prosperous new year!
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