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Front Range Real Estate Market Update, August 24, 2023

Every quarter, Pulsenomics surveys a panel of over 100 economists, investment strategists, and housing market analysts regarding their 5-year expectations for future home prices in the United States. The company’s second-quarter survey is available now.

Pulsonomics asked the experts how prices this December will likely compare to last December. The average expectation is for prices to decline 0.37% this year. Those surveyed said they expect prices to increase by 1.34% between December 2023 and December 2024.

It’s been about two months since we looked at price reductions. Historically, about 13 percent of sellers nationwide reduce their asking price at least once. We’re seeing much higher numbers of sellers reducing their prices now. In Westminster, for example, almost half the homes for sale today have been reduced in price.

The percentage of sellers who have lowered their asking price is up significantly since March and looks similar to a year ago. Last August was right after prices peaked. At that time, sellers didn’t realize it and were over-pricing their homes – they looked at what homes had been selling for and priced based on those past sales. Prices were falling, though, and sellers had to adjust their prices after their properties were on the market. We know prices decreased from June to July. We have yet to get complete data for August, but we may find that prices declined again this month.

When pricing your home to sell, it’s important to look beyond past sales. You must also take the current market into account. If prices are dropping, your price should reflect that. If your home is priced too high in a declining market, it will be even more overpriced as time passes.

Percentage of homes for sale that have been reduced in price:

CityTODAYJune 2023March 2023August 2022
Highlands Ranch47%38%30%57%
Castle Rock43%42%34%54%

Here are the numbers by county:

CountyTODAYJune 2023March 2023August 2022

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For informed advice before you buy or sell a home, contact David and Tom at The Principal Team. Call us now at 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 – 1338
Back On Market – 283
Price Increase – 322
Price Decrease – 1544
Pending – 1339
Withdrawn – 189
Closed – 1128
Expired – 210

Previous week:
New Listings – 1338
Back On Market – 283
Price Increase – 322
Price Decrease – 1544
Pending – 1339
Withdrawn – 189
Closed – 1128
Expired – 210

Based on data from REColorado®

“David was wonderful to work with as we purchased our first home! He really listened to us and made sure to help us find a home that we would be really happy in. He was always available when we had any questions. He did a great job walking us through each part of the home buying process and helped us understand each step along the way. Our expectations were definitely met working with David. His Hero’s program helped us to have almost no closing costs, which was really great. I would recommend David and his team to any of our friends looking to purchase a home!”
– Emma H., Wheat Ridge

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