Understanding market conditions gives you the insights you need to advise your clients so they feel confident about buying or selling a home. Use your knowledge about the broader market to compare a local market with current clients or to showcase your expertise within your sphere. An introductory conversation about general market conditions can be a great segue to a more detailed analysis for a prospective client. Learn how to analyze your own territory in the Market Stats Learning Path!
Here is a look the activity in the 11-county Denver Metro area in the first quarter of 2023.
Detoured by higher mortgage rates, Denver Metro area homeowners chose to stay put instead of listing their homes. According to data from REcolorado MLS, 11,487 new listings of homes for sale were added to the market in the first quarter of 2023, 17% fewer than last year and less than any first quarter in more than 10 years.
Denver Metro buyers closed on 8,837 homes in the first quarter of 2023, which was 20% fewer than the first quarter of last year and fewer closings than we’ve seen in any first quarter since 2012.
Median Days in the MLS
Shoppers took longer to make home-buying decisions in the first quarter of this year – a median of three weeks compared to a median of 4 days in the first quarter last year.
Median Closed Prices
REcolorado data indicates buyers are successfully negotiating purchase prices. In the first quarter of 2024, median home prices were 4% lower than the first quarter of last year, with homes closing at a median of $555,000. When compared the original list price to the closed price of homes sold in the first quarter of 2023, data shows the closing price was a median of 3.4% lower than the original list price. This is a big shift from the first quarter of 2022 when sellers were garnering a median of 4% more than their original list price.