Denver Real Estate Market Update – October 2023
With Halloween over, we are truly into the Holiday season. Prepare for both a possible flurry of snow and activity in the real estate market. Overall activity has significantly slowed with the rise in interest rates as buyers are closely watching interest rates like they are watching the colors change. However, any significant decrease in rates could trigger an avalanche of buyer activity. In the meantime, it is important for sellers to prepare their homes for the holidays and to show well.
Active Listings
There was just a slight uptick (2.6%) in new listings during October 2023 compared to last year.
Average Days on Market
Days on market creeped up 15%. This percentage continues to compress as sellers learn that price is more important to buyers as interest rates have increased.
Average Closed Price
Prices continue a steady 4% climb from last year. Supply and demand are the primary driving forces for price, and there is simply not enough supply.
Percent of Closed Price to List Price
Homes are selling for very close (98.9%) to list price.
We recommend our clients check their naughty and nice list twice and also price right. And, we encourage our buyers not to wait, prices continue to appreciate, and next year will be here before we know it! Reach out to your CJV Real Estate expert if buying or selling a home is your wish list this year!