Welcome to 2023, friends! I hope you all had a pleasant 2022 with friends and family. It’s a brand new year and it’s always an interesting time in the real estate world. Prices and inventory are usually down until late Spring, and days on market is generally up. It’s a great time for buyers to find the right home and sellers to find the right buyer, as there isn’t as much of an urgency in the Winter. Last month we saw average closing prices decrease 2.69% and median close prices decrease 1.42%. This tracks with the decrease in inventory and a general competitive edge that buyers have during colder seasons.
What will 2023 bring to the housing market? With interest rates rising, and predicted to continue to rise slightly for the next few months – how will inventory and prices fare? It’s been common advice for buyers to take advantage of the slowdown and find the home they’ve been looking for, and then refinance when interest rates are back down. If you have any questions about when is the right time for you to purchase a home or sell your current house, give my cell phone a ring at 720.257.1541.
Market Insights by DMAR:
• According to Zillow, backyards will be the number one requirement for new homebuyers in 2023, followed by kitchen islands, mirrored walls, less open floor plans, and more privacy. • Per CoreLogic, Denver saw a 44.6 percent increase in appreciation from January 2020 through its peak in May 2022. Since then, it has given back 4.95 percent. Those are still strong price gains! • Rent prices saw the highest one-month decline in seven years in November. The first sign of a slowdown in rents was in October, when rents dropped 0.1 percent, which stopped the above-average monthly rent increase trend that began in November 2020. • As of December 28th, 52.8 percent of active listings reduced their asking price, down from 57.4 percent last month. • Average active listings for December are 12,350 (1985-2021). • Over the last 10 years, the month-over-month average decrease in active listings was 21.44 percent. A decrease of 23.92 percent this year represents a slightly larger increase. Last year’s decrease was a much larger 34.30 percent.
Local Events| Denver
Lifetime pass for Veterans and Seniors to National Parks There It’s a great time to begin planning your yearly road trips and adventures. And if you are a Veteran or Senior, you could get a Lifetime pass to all National Parks for free or largely reduced price. Click on the image below to see if you qualify and visit HERE for more information.
Featured Local Business| Denver
Featured this month is Pickett Consulting Services, operated by Jason Pickett, a Property Damage Consultant. With years of experience, Pickett Consulting Services can assist with your professional umpire & appraisal service needs, any insurance claims you need expertise for, or any consulting or planning needs. Don’t settle for lesser quality when looking for conflict resolution and reach out to Pickett Consulting Services – tell them Mark sent you!
If you’d like your business to be featured in a future Newsletter, give me a call or email!
Real estate questions? Wondering how the market looks at the moment? Just want to say hello? Don’t hesitate to call me – I’d love to chat! Don’t forget to follow me on social media – click on the links below!