Denver Real Estate News – August 2023
Busier than Spring, but Still Slow
LOCAL MARKET UPDATE
The Denver real estate market in June continues to show resilience amidst ongoing challenges. Compared to the previous year, prices remained stable with a slight 0.3% dip. However, compared to May, prices rose by 2.5%. Normally spring is busy in residential real estate, and summer tapers off a bit. This year, spring was a bit slower, and now summer is a bit more active. In June, active listings rose to 6,070, reflecting a 16% increase from May. Condos performed impressively, with a 22% improvement in the listing count, while detached listings saw a 6% drop. The low level of sales volume we experienced in the first half of the year will likely continue until the end of the year.
As we move forward the market may face further challenges, like a mild recession, and it’s crucial to monitor the potential impact of mortgage rate fluctuations on your move. With mortgage rates remaining relatively high, buyer activity might experience a further slowdown. However, Denver’s market is expected to maintain a delicate balance of supply and demand throughout the year, with prices remaining stable within a range of +/- 3%.
(Info Source: June 2023 DMAR Market Report, Lon Welsh, CEO of Your Castle Real Estate)
INFO FOR SELLERS
Don’t Overprice Your Home
Looking to sell your home in the next few months? Here’s what you need to know. While up from May, the number of new listings brought to the market in June decreased significantly from the same time last year, by around 27%. The scarcity of inventory provides a potential advantage for sellers. Although there has been a decline in sold listings as compared to last year, prices have remained relatively stable. This is great news for you. However, setting a competitive and realistic price is crucial to attract buyers and avoid longer list times. Homes that sit on the market longer usually need price reductions to move. Be mindful of these trends to maximize your selling opportunities. Please reach out for a personalized market analysis and pricing strategy for your home!
(Info Source: June 2023 DMAR Market Report, Lon Welsh, CEO of Your Castle Real Estate)
INFO FOR BUYERS
Watch Those Mortgage Interest Rates!
Looking to buy a home? The current scarcity of inventory has led to competitive bidding situations, requiring buyers to be prepared and act quickly. Seek a pre-approval from your lender to strengthen your position. Prices have remained relatively stable, presenting a window of opportunity for buyers to explore the market without facing drastic price increases. However, be mindful of how daily mortgage rate fluctuations will affect your monthly payments. Small rate changes can sometimes result in a several hundred dollars-per-month change in your monthly costs. Securing a rate lock on your property of choice as soon as possible will help you be more certain about your final month-to-month costs and provide a bit of welcome relief planning-wise. Please reach out if you want guidance to navigate the home-buying process and secure your dream home!
(Info Source: June 2023 DMAR Market Report, Lon Welsh, CEO of Your Castle Real Estate)
*We use reasonable efforts to include accurate and up-to-date information. The real estate market changes often. We make no guarantees of future real estate performance and assume no liability for any errors of omission in the content.
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