Denver Home Sales - January 2023

As we start 2023, the Denver real estate market is showing some trends of slowing. January 2023 saw a decrease in year-over-year home sales of about 30%, and an 18% decrease in new listings. Additionally, the number of weeks of inventory has risen from two weeks this time last year to nine weeks, and the median days on the MLS is up to 35 from 5 at this time last year. These changes indicate that the market is still in a state of flux, as buyers and sellers adapt to changing economic conditions and shifting supply and demand dynamics.

One factor that may be driving these changes is the current state of the broader economy. Many experts agree that economic growth is slowing down, and that the Denver real estate market may be reflecting this. Rising interest rates, combined with a shortage of affordable housing, may be driving some would-be buyers out of the market. Additionally, many people are still recovering from the economic effects of the pandemic, which may be causing them to hold off on making major purchases like homes. The Denver home market is cyclical with changing seasons, but these current swings are larger than a typical summer, winter, spring swing has been in the past.

Despite these challenges, there are still many opportunities for those looking to buy or sell Denver and Broomfield real estate. With the market softening, buyers may be able to find great deals if they are willing to be patient and flexible. Additionally, with the low inventory available, sellers with desirable homes will not have to wait long to find a buyer.  The current market also may be a good opportunity for investors who are looking to purchase Broomfield rental properties, as rising rents and a tight housing market could make rental properties good long term investments.

In order to make the most of the Broomfield real estate market, it's important to work with a local real estate agent who is knowledgeable about the local market and who can help you navigate the challenges of buying or selling a home in this environment. An experienced real estate agent can help you understand the current market conditions and create a strategy that will help you achieve your real estate goals.

Overall, the Denver real estate market is showing some signs of slowing down, but there are still great opportunities for those on either side of the deal. Whether you are looking to buy or sell a home in the Denver metro area, now is a good time to begin exploring your options. Champagne Properties would love to become your go to real estate agency.