Market Trends Report - March 2023

March 2023

Denver Metro Real Estate Market Trends

Noteworthy Data:

Residential (attached and detached) Average Closed Price increased 5.36% compared to the month prior along with a 1.29% increase year-over-year.
Closed homes has increased 22.51% compared to the pervious month, however, year-over-year is down 24.87%.
We continue to see sellers reduce listing prices of offer rate buydowns to attract more buyers. Theemphasis on pricing conservatively, while having a strong marketing plan can avoid price reductions.
The number of showings on listing has increased, but we not seeing as much of an urgency from buyers to submit offers.
Despite high interest rates, the spring homebuying fever is setting in and Realtors are receiving multiple offers on properties that are priced correctly and competitively. Houses below $600,000 and above $1 million, remodeled homes and properties with unique or very desirable locations. If you know anyone preparing to sell, or thinking about it, please let them know this and they are absolutely welcome to reach out to me if they have any questions.

Local News:

Rent Control is going to the Senate. Specifics can be found at the very bottom of Paynelessrealty.comunder Useful Links, by clicking on “Denver Rent Control Proposed Bill”
Policy and investment are clashing, which might limit the amount of investors looking to buy in Denver.
*******LANDLORDS******On May 3, 2021, the Denver City Council passed a new ordinance requiring a residential rental property license for any person to offer, provide, or operate a residential rental property in the City and County of Denver. https://denvergov.org/Government/Agencies-Departments-Offices/Agencies-Departments-Offices-Directory/Business-Licensing/Business-Licenses/Residential-Rental-Property

Market Trends Report – March 2023