Everything slows down in the cold, winter weather, including the Denver Real Estate market in December 2023. This typical seasonality was reinforced by the highest interest rates in years. The best gift Santa brought is lower rates! This will translate to increased activity, buying and selling, this Spring as buyers can afford more and sellers may consider moving up.
Active Listings
The number of active listings in the December 2023 Denver market increased 5% from last year to 4,971. The record low was set in 2021 with 1,477 listings. The record high was set in December 2007 with 24,603 listings.
Days on Market
Days on Market counts the number of days a listing was actively available before a listing goes under contract. The Days on Market in December 2023 also slowed from last year, shifting to 46 days on average.
Average Closed Price
The average closed price in this past December shifted up 3% to $657,229. If buyer demand accelerates with lower mortgage rates, expect to see upward pressure on prices.
Percent of Closed Price to List Price
The closed price was 1% closer to list price in December 2023, and overall 99.3% of list price. Bidding wars greatly diminished this year and buyers were in a much better position to negotiate. Competition in the coming year will depend on buyer demand and supply from sellers, both of which will be affected by mortgage rates.
If you are thinking of buying or selling this Spring, be sure to reach out to your CJV Expert. Don’t wait! With lower interest rates already here this year, the market will start to thaw and heightened Spring activity may show up early!