February 2023 continues to show a steady, stabilized market. We are still in a slight Seller’s Market, despite inventory up 208% from last year (Feb 2022).
We still need more homes. Supply is typically showing 1-2 homes in a neighborhood price point that someone is looking for – there just isn’t a massive inventory selection. How is that possible, given the more than doubling of inventory? It’s because we were so starved for inventory last year, that we still need to double the CURRENT inventory – AGAIN – to make a dent and bring it to a balanced market.
Prices have stabilized – up 1.29% from last year at this time and Sellers are still fetching 99% of their asking price.
If you want to buy – inventory is increasing, and Sellers are willing to work with you – at least the ones that truly are motivated.
And Sellers – in this market – expect to buy down people’s interest rates and/or provide other concessions on inspections, etc.
The white hot market of yesteryear is over. That’s a wrap for Feb stats 2023! We are looking forward to see what March will bring for Denver Real Estate. Reach out to your CJV expert to discuss how to approach the spring season.