Ready to Make Your Move?Market Update, June 8, 2023
Congress raised the debt ceiling, but mortgage interest rates remain stubbornly high. The national average for a 30-year fixed mortgage is about 6.94% today, although local rates appear to be lower. Sellers who price aggressively and prepare their homes well still receive multiple offers. Homes priced under the median price are also seeing high demand. Homes priced too high are not in demand, and many sellers are adjusting their expectations and lowering their asking prices.
Our local market in May:
Increasing inventory is not moderating price increases as much as one might hope. Prices are up in every category compared to April and are down less than 2% compared to April 2022.
Residential – Detached and Attached Homes
Average Closed Price: $697,534
+2.68% month-over-month
-2.33% year-over-year
Median Closed Price: $595,000
+2.59% month-over-month
-3.25% year-over-year
Active Listings at the End of the Month: 5,228
+13.16% month-over-month
+43.15% year-over-year
Closed Homes: 4,167
+6.71% month-over-month
-28.74% year-over-year
Average Days in MLS: 22
-21.43% month-over-month
+144.44% year-over-year
Detached Homes Average Closed Price: $789,911 Median Closed Price: $659,945 Active Listings at the End of the Month: 3,720 Closed Homes: 2,900 Average Days in MLS: 21 | Attached Homes Average Closed Price: $486,096 Median Closed Price: $425,000 Active Listings at the End of the Month: 1,508 Closed Homes: 1,267 Average Days in MLS: 24 |
Ready to make your move? Contact us now for expert guidance. Call 720-782-2468 or schedule a time for us to call you.
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Metro Denver Real Estate Market Activity
During the last week:
New Listings – 1498
Back On Market – 291
Price Increase – 130
Price Decrease – 1160
Pending – 1436
Withdrawn – 148
Closed – 1277
Expired – 308
Previous week:
New Listings – 1422
Back On Market – 253
Price Increase – 147
Price Decrease – 947
Pending – 1253
Withdrawn – 136
Closed – 1426
Expired – 279
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Based on data from REColorado®
Trends in Metro Denver
- Home Prices
- How Long It Takes to Sell a Home
- Prices Per Square Foot
- Showings Until Pending
- Active Listings
- New Listings
- Closings
Real Estate News
AI takes bigger role in buying a house
Existing home prices down $25k from June 2022 peak to $388,800. Is this affordable?
Median income earners can only afford 25% of current listings
“Just like all home sellers, I had some anxiety about the whole process of selling my home and moving to another state. I needed to purchase a home in Kansas City and wanted to make sure the timing worked out so I wouldn’t end up homeless. David referred me to a great realtor in Kansas City who assisted me in buying a home. David helped to ensure the timing worked out perfectly so my home sold here and I was able to move right into my new home in Kansas City.
When listing my home, I was particularly impressed by the care and pride that David showed in taking the pictures for the listing and making sure my home was marketed very well.
I would highly recommend David to my friends. David has a lot of experience and knowledge in selling homes. He takes pride in his work and displays a genuine concern for his clients.”
– Gary A, Westminster
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