Front Range Real Estate Market Update, April 6, 2023

Mortgage rates are lower now than they’ve been since February, which is good news for buyers – and sellers. If more buyers enter the market, sellers could see more multiple-offer situations and have more offers to choose from. In addition, buyers could enjoy lower payments than they would when rates were higher.

Realtor.com says ten to sixteen days from now – from April 16 to April 22 – is the ideal time to list your home. This is because buyers who purchase a home listed that week will be able to move precisely when they want to. It’s also a great time to list because inventory is still low – you will have less competition from other sellers. So schedule a call with us to get started if you want to list this spring.

About 37% of all homes for sale in our area have lowered their prices, compared to early November when about 58% had done so.

What happened last month in our local market:

The big news is that prices rose again after falling for a couple of months. We also saw a relatively large jump in inventory. We’re still well below historical averages, but there were about twice as many homes for sale as a year ago. There was also much more activity overall, with many more closings than in recent months.

Residential – Detached and Attached Homes

Average Closed Price: $665,390
+1.44% compared to February
-5.24% year-over-year

Median Closed Price: $565,000
+0.44% compared to February
-6.15% year-over-year

Active Listings at the End of the Month: 4,516
+19.53% compared to February
+103.33% year-over-year

Closed Homes: 3,790
+32.29% compared to February
-21.24% year-over-year

Days in MLS: 37
-22.92% compared to February
+208.33% year-over-year