After a winter freeze, the Denver real estate market shows spring life
The latest Denver metro real estate data, from the February Denver Metro Association of Realtors Market Report, reveals a single-family home market deep in a winter slowdown:
- Average January close price down 0.5 percent from December to $702,289
- Average January days on market up 158.0 percent from a year ago to 49 days
- An the average January close price-to-list price percentage down 4.1 percent from a year ago to 98.0 percent.
Despite the data, however, I’m seeing homebuying activity — at least in core Denver neighborhoods I specialize in — is picking up, as the typical business of the spring real estate season begins stirring.
For example, I’m seeing the right homes (in good condition and priced right) are receiving multiple offers. I’ve also seen showings recently increase. This was the norm a year ago, but this activity had waned toward the end of last year, but I’m seeing it pick up again.
My colleagues at our brokerage, milehimodern, are busy. We’ve seen loan applications rise. We’re not going to see multiple offers over list price, but buyers are out there in the marketplace.
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With the marketing picking up, I want to provide a snapshot of some of the high-level data for Denver metro single-family homes in January.
|Stat||January 2023 Data||% Change from January 2022|
|Active Listings at Month End||2,893||267.1%|
|Closed Sales Volume||$1,003 million||-28.6%|
|Close Price/List Price||98.0%||-4.1%|
You can see from these stats that market has definitely changed from a year ago, but we are seeing signs of life as the spring buying season rapidly approaches.