Metro Denver Real Estate Sales - February 2023

February of 2023 has been marked by a continuation of the trend we have been observing over the past few months in the Metro Denver real estate market. There has been a decline in key indicators that measure the strength of the real estate market. Homes closed is down 18 percent year over year, indicating a decrease in the number of homes that were sold in comparison to last year. Additionally, new listings are down 17 percent year over year, meaning that fewer properties were listed on the market this year.

The median days in the Multiple Listing Service (MLS) has significantly increased from 4 days one year ago to 27 days today. This increase in median days suggests that metro Denver homes are staying on the market for longer before being sold. Furthermore, pending listings are down 8% from a year ago, indicating that fewer properties are being sold and are closing at a slower pace.

The weeks of inventory on the market is up from 2 weeks a year ago, to 6 weeks today. This metric represents the number of weeks it would take for all current listings to be sold at the current rate of sales. The increase in weeks of inventory indicates that the market currently favors buyers, as there are more homes available than there are buyers to purchase them.

The price of median single-family homes is down 3% from a year ago, reflecting the ongoing trend of decreasing home prices. This drop in home prices can be attributed to the overall slowdown in the market, with fewer buyers and more homes available, resulting in a decrease in demand and ultimately lower prices.

Overall, the metro Denver real estate market continues to show signs of slowing down, with fewer homes being sold and longer periods of time between listing and closing. However, for buyers, this could be a great opportunity to get into the market at a lower price point. Sellers may need to adjust their expectations and marketing strategies to adapt to the current market conditions. It will be interesting to see how the market continues to evolve in the coming months.

If you are looking for a Broomfield real estate agent to help you navigate this market, call Champagne Properties today and see how we can help with all of your real estate needs.