Along with the November Denver real estate market update, we are entering the season of winter weather and holiday parties. Christmas came early this year! Mortgage rates have dropped to the lowest in almost 2 years and the New Year will likely hold even more interest rate decreases!
Active Listings
Active Listings this November up 7% from last year. New listings are just barely up 1% in November 2023 from 2022. So, the increase in active listings is due to decreased closings as the higher mortgage rates decrease affordability.
Days on Market
The average time a listing sat on the market increased to 38 days this year, a 12% increase from 2022. This is another indicator of a slower market.
Average Closed Price
Even as the market is slower than last year, prices are holding steady. Prices were just barely up from $656,601 in November 2022 to $659,152 in November 2023.
Percent of Closed Price to List Price
Closing prices are averaging 98.6% of list price, slightly higher than the 98.3% in November 2022. This reflects the seller’s market.
It will be interesting to see how next year stats, and even this Spring’s stats change, as the Fed has forecast the end to interest rates increases. 30 year mortgage rates are already down below 7%. If you are thinking of buying or selling, now is a good time to consult your CJV Real Estate expert. We are here to help you meet your goals.