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Front Range Real Estate Market Update, May 5, 2023

The Fed raised interest rates again this week in an effort to control inflation. The rise in rates, which started in March 2022, has been the fastest rise in decades. Mortgage interest rates haven’t gone up this week, though, and are lower today than two weeks ago.

Our area’s prices are still down compared to a year ago but increased each month since February. Many buyers are taking a long time to find the right home, primarily because finding something affordable is challenging.

Inventory is up compared to recent months and compared to a year ago, but we’re still at low levels compared to historical averages. There are typically about 14,296 homes for sale in April. This year, there were only 4,620. New listings were down 6.71% last month compared to the month before. We ended the month with more homes for sale than a year ago, but new listings were down almost 31% year-over-year. The relative lack of homes for sale is causing prices to climb.

Take a look at what happened in our local market last month:

Residential – Detached and Attached Homes

Average Closed Price: $682,061
+2.56% compared to March
-5.6% year-over-year

Median Closed Price: $580,000
+2.47% compared to March
-6.00% year-over-year

Active Listings at the End of the Month: 4,620
+2.3% compared to March
+44.19% year-over-year

Closed Homes: 3,701
-7.91% compared to March
-29.87% year-over-year

Days in MLS: 29
-21.62% compared to March
+262.5% year-over-year

Detached Homes

Average Closed Price: $772,170
+3.84% compared to March
-6.12% year-over-year

Median Closed Price: $640,000
+3.23% compared to March
-5.88% year-over-year

Active Listings at the End of the Month: 3,257
+2.97% compared to March
+33.21% year-over-year

Closed Homes: 2,590
-8.77% compared to March
-29.73% year-over-year

Days in MLS: 30
-23.08% compared to March
+233.33% year-over-year

Attached Homes

Average Closed Price: $471,997
-0.86% compared to March
-3.83% year-over-year

Median Closed Price: $410,000
+0.68% compared to March
-6.82% year-over-year

Active Listings at the End of the Month: 1,363
+0.74% compared to March
+79.58% year-over-year

Closed Homes: 1,111
-5.85% compared to March
-30.17% year-over-year

Days in MLS: 25
-26.47% change compared to March
+212.5% year-over-year

Ready to make your move? Contact us now for expert guidance. Call 720-782-2468 or schedule a time for us to call you.

Schedule a No-Obligation Call

10140 King Street, Westminster, CO 80031

This gorgeous home is on a beautiful lot, with well-cared for landscaping. You’ll appreciate the fine details inside this home, which make it truly special.

4 Bedrooms | 3 Bathrooms | 3,376 Sq Ft
$750,000
Get complete details or contact Tom and David to schedule your showing. Reach us at 720-782-2468

Metro Denver Real Estate Market Activity

During the last week:
New Listings – 1545
Back On Market – 205
Price Increase – 178
Price Decrease – 1006
Pending – 1539
Withdrawn – 142
Closed – 1567
Expired – 339

Previous week:
New Listings – 1323
Back On Market – 217
Price Increase – 179
Price Decrease – 874
Pending – 1538
Withdrawn – 119
Closed – 1182
Expired – 168

“David outdid himself. Through out the whole process he made it quite bearable. Good at explaining everything. Would highly recommend him and his team.”
– Rick H., Broomfield