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Denver Metro Market Recap April 2023
My market recaps from previous months
Denver Metro Market Recap March 2023
Sellers listed more homes (up 47%), saw their homes go under contract faster (median down to 10 days from 25) & did less price reductions (down to 37%). Buyers, aided by a slight dip in the 30-yr fixed mortgage rate, were ready to pounce but faced competition and multiple offer situations. On average, homes closed $1200 under list price, a quickly shrinking gap & one that could flip the other way as soon as this month.
Denver Metro Market Recap February 2023
Buyers are back, causing a bump in average close price (up 5%) & homes under contract (up 19%), while median days on market is down 9 days (26%). Despite increased listing activity (up 21%) & month-end inventory 3x higher than this time last year, buyer demand continues to exceed available homes. On average, homes closed $7500 under list price, a gap that shrunk $4500 as newer inventory is yielding more multiple offer situations.
Denver Metro Market Recap January 2023
Average close price fell slightly from December (1.5%) but was 3% ahead of January 2022 as buyers and sellers jumped back into the market. Like the start of last year, the January market gained momentum each week as we saw an increase of 65% new listings and 51% more under contract. Many investors who purchased in late-2022 after prices dropped & are listing flipped “move-in ready” homes now are benefitting from high buyer demand.
Denver Metro Market Recap December 2022
Average close price fell 3% from November as buyer activity slowed over the holidays and homes were on the market 26% longer. While active inventory saw a 24% drop from the previous month, it is up 222% from the record low at this time last year. Interest rates closed the year at 6.42% (per Freddie Mac) after breaking the 7% threshold in the second week of November.
Denver Metro Market Recap November 2022
Home prices held strong and remained relatively flat, despite a seasonal slowdown with inventory down 14% and days on market up 21%. Still working through both sides of a market adjustment, average list price held relatively flat while homes closed even more below list price. While trending downward the past few months, inventory is up 178% from this time last year and there are great homes available for purchase.
Denver Metro Market Recap October 2022
With new listings, closings & avg close price down, the market continued to normalize as is expected in fall and looks to be leveling out through the holidays. A sign sellers are being forced to adjust with the market, the average list price dropped ($8,145 or 1.2%) for the first time in a long while. Average days on market was up from 26 to 28 days, with more than half spending at least 17 days on market and 60% of listed homes reducing price.
Denver Metro Market Recap September 2022
We are moving from a strong seller’s market to a more balanced market as inventory & days on market are up along with buyer negotiating power. Homes continued to close on average under list price for the second straight month and for almost double the amount as last month. Average days on market was up from 19 to 26 days as were price reductions as sellers & listing agents try to keep pace with a quickly changing market.
Denver Metro Market Recap August 2022
An expected seasonal shift in the market meant 18.5% fewer homes were listed in August as we transitioned into the school year. Homes closed on average under list price for the first time in 2 years as sellers are realizing they can no longer price at the top of the market. Average days on market jumped from 13 to 19 days as buyers continue to show more patience with interest rates higher than earlier this year.
Denver Metro Market Recap July 2022
An indicator of a balancing market, homes closed on average $5,552 over list price, an 88% drop from the high mark of $47,560 in April. Available inventory continues to climb and is up 81% over last year as only 36% of available homes went under contract in July. Average days on market jumped from 10 to 13 days as sellers adjust to a new pricing strategy and buyers are proving to be more patient.
Denver Metro Market Recap June 2022
While only a slight uptick in average close price overall, attached homes set an all-time high with an average just over $504k. Available inventory jumped nearly 66% (and is up 94% over last year), boosting supply over 1 month (to 1.12) for the first time in 2 years. Despite higher interest rates, more supply will mean better opportunities for buyers with homes on the market longer leading to lower sales prices.
Denver Metro Market Recap May 2022
In a sign that the market may be moving toward some normalization, both average & median sales price were down slightly over last month. Available inventory continued its steady & slow climb, with 10% more homes available to buyers over April. All segments remain competitive with a 105% close-to-list-price ratio; the luxury segment was most competitive at 107% (closing $101k over list).
Denver Metro Market Recap April 2022
Inventory continues to climb with the warmer weather as April ended with 44% more available listings than we saw at the end of March. Whilst most homes went under contract after 4 days, the overall average is 8 days, 3 days less than the March average & a full week less than February. The average sales price was up another $25k to $727k for all homes sold, yet the condo/MF segment remained flat at $495k (worth watching!).
The Pick Nick 5-star Experience
Lane + Bennett | Denver
"Nick is a wonderful agent and human, I can't speak highly enough of him. In short, my partner and I decided to buy a condo on a quick timeline and Nick crushed through both the sale of our house and the purchase of the condo. If you want someone who truly cares about your happiness with your home purchase, pick Nick. He isn't looking to just make money on your sale, he wants you to LOVE your new place."
Adam | Thornton
"This is my second time working with Nick and he delivered back-to-back amazing experiences. He has always gone above and beyond to make sure I found the right house and that everything is taken care of throughout the entire process. Nick was extremely helpful in the first round by working around some unfavorable financing issues that he wanted to make sure was resolved correctly and honestly. During the second round Nick was extremely patient with my home search as we spent almost 6 months looking for the right house. In the end we found exactly what was looking for and I couldn't be happier! Thank you, Nick, for all your hard work, dedication, and most of all being a great friend!"
Donny + Nicole | Denver
"I am so grateful that we picked Nick to be our realtor. Nick's patience, caring, and knowledge of Denver can't be beat. He demystified the home buying experience and made our dream of owning a home in our ideal location come true. If you are curious about purchasing a home in Colorado, I would recommend connecting with Nick. He will take the time to understand your needs, your dreams, and your potential."
Anne + Andrew | Lakewood
"Pick Nick, pick Nick! He helped my partner and me find our dream home, really beyond our dreams, making the process fun and fluid from the initial meeting through closing and house warming. He was methodical and on the ball every step of the way. He was such an advocate for us as we entered the competitive market but we couldn’t have asked for better representation. I appreciated him even making a point to collaborate with each sellers agents, ensuring we positioned our offer appropriately. As first time home buyers, I’m still processing how wonderful this leap of faith turned out and Nick was our rock through it all."
Jodi + Sid | Littleton
"My husband and I are new to Colorado and wanted to find our forever home. Since we’re “senior” citizens we knew another move wasn’t going to work. Nick took time to get to know us and understand what our wants and needs were and in such a competitive market we found the perfect home. His positive attitude and excellent negotiation skills were exactly what we needed to have the successful outcome and keys to our new home. By far one of the best things that has happened, my husband and I are fortunate enough to call Nick our friend."
Nick | Littleton
"Had a buddy who recently bought a home and was in a very similar situation as I was. He had nothing but good things to say so I didn’t hesitate getting into contact with Nick. I felt confident, organized, and comfortable throughout the entire process thanks to Nick. Things were done in a timely manor and it was just a very smooth experience especially for how complex and stressful buying a home can be. Can’t say enough good things about Nick."
Beth | Denver
"I didn't have a big budget for my home, and Nick never once made me feel like my homebuying process was secondary on his list. I always felt taken care of, and even with my thousands of questions he answered them with patience and kindness. I'm so grateful to have found him!"
Dyan + Patrick | Denver
"We met with several brokers before choosing Nick. His personality and passion for his job made our decision easy. He had an extensive plan for selling and executed it perfectly. He was very helpful with the planning and staging of our home and the results were excellent! We sold in 4 days for over asking price with great concessions! Nick has gained clients (and friends) for life!"
Nita + Greg | Denver
"Nick was always a phone call away and always found the information we requested. He even got us into several properties first and was always on time and fun to view houses with. He truly listened to our wishes and needs and would make gentle but insightful suggestions that were spot on. The market was pretty tight when we bought but we were able to find the perfect home. We have recommended him to our friends and family and will continue to do so."
Karli + Jake | Castle Rock
"Nick was exceptional from the beginning. He met with us early on in the process to really get to know us. He was knowledgable and made the process of selling and buying smooth and easy. Nick is one of the most thoughtful people we have met. He pays attention to detail, is always prepared and truly cares about his clients. He was not only a great realtor, but has turned into a great friend. He sold our house for well over asking and had great negotiating tactics on the buy side. We are so happy with our new house and would recommend him to any friend or family member!"
Patricia | Littleton
"Nick is knowledgeable and extremely professional. He really cares about his client. He is a first class Realtor who walked me through a stressful situation. He was always on top of our schedule even working remotely while out of town. Since I am almost 80, he treated me with dignity and respect when i was challenged with technology. I would recommend Nick highly to anyone who needs a true great, caring, sincere, honest, hard working Realtor."
Christian | Denver
"Nick was an awesome guy! I loved working with him 🙂 I would say if you are a first time home-buyer and/or looking for someone who will answer any and all questions you have this is the guy for you!"
Nicky | Aurora
"Since I work odd hours, Nick communicated ahead of time when he would need me to sign documents or view a property. I never felt rushed to make a decision. He asked very pointed questions about what I was looking for, and recognized when there was something about a property I did not like."
Marci + Jason | Aurora
"Super grateful for Nick! We moved from Kansas City to the Denver area in the middle of a pandemic and bought a house sight unseen. Nick ensured the process was smooth and there were no surprises. We couldn’t have made this move without him."
Jo Linda + Quintin | Wheat Ridge
"Nick is a champ!! Love the newsletters he sent us even before we became customers, showed interest in us and very applicable to the Denver metro area. We interviewed other agents with other companies and hands down his attitude, work ethic and professional yet friendly demeanor and gracious actions won us over. We looked at and discussed several properties together. Once we narrowed it down, Nick was always on top of the details and worked as a team with us when we picked up on details that needed to be addressed as well. We wholeheartedly recommend Nick as an agent who cares for you and will put your needs first."
Mike | Denver
"Nick is a great agent! I wouldn’t have found my loft without him."
Michelle & Bryan | Arvada
Nick is an outstanding real estate agent. He went out of his way to make us feel comfortable every step of the way. Nick is friendly and authentic. You have the sense that you can trust him and he proves it. I highly recommend Nick and would work with him again.
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