November 2022 Real Estate Market Trends Report | Steve Konecny
As we look forward to the year 2023 there are key real estate trends and market signals to watch. These include - the latest Denver Metro housing market statistics from Land Title Guarantee Company. Below are key market highlights from October for the Greater Metro Denver area (Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert and Jefferson).
The combination of seasonality, economic news and higher mortgage rates played a role in shaping October market numbers. We continued to see a market reset. Active inventory for both attached and detached decreased slightly month-over-month but was up 92.88% when compared to last year at this time. October also saw increased days on market, a drop in pending listings and a decline in the percent-sold-to-list-price to 98.6%. Prices dropped slightly month-over-month with detached single-family homes selling for an average of $8.380 less, a 1.22% decline.
• The average sales price in October for detached single family (DSF) homes decreased 1.22% month-over-month to $677,517 and attached single family (ASF) homes were also down 1.93% month-over-month to $471,700.
• The average days in MLS for both detached and attached in October in the metro area jumped up 6.0% when compared to the prior month to 26.5 days.
• Active DSF listings in October in the metro area were down 13.35% when compared to last month to 5,198 homes, and active ASF listings were down 11.25% Month over Month to 1,790 units.
• Pending listings in October for both DSF and ASF in the metro area were at 3,264, down 5.42% when compared to last month and down 39.68% Year over Year.
• Sold listings (ASF and DSF) in October in the metro area were down 18.65% when compared to last month and down 37.40% when compared to last year to 3,372.
As your REALTOR, I will provide you with a comprehensive understanding of the market and a strategic plan that is specific to your individual needs as a seller or buyer.
Whether 2022 or 2023 finds you planning a move or not, even if you just have a question or would like to know” How much your home is worth”, do not hesitate to contact me.
I am excited to share with you that our office, RE/MAX Masters Millennium, has been the #1 U.S. RE/MAX single office based on total sales volume for seven years in a row – I am proud to have contributed to this success.
I look forward to working with you, family and friends as your trusted advisor and contributing to your real estate success.
I wish you and your family a Happy Thanksgiving!