The Denver market is running both hot + cold
I’m seeing a bit of a bipolar market as the spring selling season settles in in Denver.
On the one hand, certain homes receive high demand and multiple offers; on the other, homes that I typically see sell fast at and at good prices — recently remodeled, lower price points — don’t see much activity.
This makes interpreting the market a bit tricky, especially for consumers not versed in the nuances of Denver real estate, and, in particular, the specific neighborhoods they are looking buy or sell a home. This is just one reason why having an experienced agent is invaluable.
As typically happens in the spring, single-family Denver metro close prices have risen, average days on market have dropped, and closed sales have risen in March from February, according to the Denver Metro Association of Realtors April data report.
Source: Denver Metro Association of Realtors April Market Trends report
However, when looking year-over-year, those numbers tell a different story, which is where the bipolar nature of the market I’m seeing on the ground plays out in the data: close prices are down, average days on market are up, and closed sales are down.
| Denver Metro Single-Family Data Point (March 2023 Number) | % Change February to March | % Change March 2022 to March 2023 |
| Average Close Price ($743,175) | 2.0% | -6.3% |
| Average Days on Market (39) | -20.4% | 254.6% |
| Closed Sales (2,688) | 32.2% | -19.5% |
Source: Denver Metro Association of Realtors April Market Trends report
Want help navigating on the changing Denver neighborhood real estate market? Email me at kharris@milehimodern.com
This type of market requires extreme diligence and care to ensure listings are priced and marketed properly to ensure timely sales and to fetch top dollar.
Buyers have a little more opportunity to shop around and take their time, but must know which homes will go fast if they fall in love and want to have the best chance at securing a home.
As always, please reach out with any questions. I’m always happy to help.