Denver Housing Market Update for February 2023

Welcome to my Denver View, the ultimate guide to the Denver housing market. In today's episode, we're going to talk about the latest trends, the changes in the market, and what you need to know about buying or selling in Denver.

Denver Housing Market Overview

As buyer demand and confidence continue to rise, the Denver housing market is entering what we call a healthy spring market. In the last few weeks, we've seen a significant increase in mortgage applications and a drop in interest rates. This, combined with a rise in homes going under contract pending, is a clear indication that the demand is back.

Inventory

We've also seen a decrease in inventory in January 2023. In the 11 counties surrounding the Denver metro area, there were around 4100 properties that came on the market, which is down from the previous month and even down from the same period in 2020.

Homes Sold

In January 2023, there were around 3300 homes that went under contract pending, which is down from the previous month and from last year. The number of homes closed was also down, with about 2000 homes closed in January. Despite this, the average sold price was just over 626,000 dollars, which is a significant jump from January 2020.

Interest Rates

Interest rates have dropped from December, but they're up three points from a year ago. We expect them to flatten out after March and hover around the 5.5 to 6.5 percent range. The average days on the market is 46 days, which is back to the normal market days of 2018, 2019, and 2020.

Affordability in Denver Colorado

While prices in Denver are increasing, it's important to keep an eye on affordability. Denver is currently ranked as the eighth most expensive city in the nation, and people from California and New York are often surprised at the prices here. We need to keep an eye on the affordability of Denver to make sure that everyone can continue to live here.

So that's it for this Denver housing market update for February 2023. If you're interested in a specific neighborhood, price range, or house style, don't hesitate to message me. I'm Amy Cesario, your realtor in Denver, Colorado, and this is my Denver View. Don't forget to like, comment, and subscribe to my channel on YouTube to stay up to date with the latest market trends and insights. Thank you for watching, and I'll see you in the next episode!

https://denverrealestateviews.com

Hi, I’m Amy Cesario, a Realtor with Compass – Denver Real Estate and this is “My Denver View”. I’ve been helping people buy and sell houses all over Denver for 23+ years and I like to share my view of the housing market and the city with you.

I am so grateful to my subscribers, friends, and family for watching my videos!

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My Website is: http://denverrealestateviews.com/

If you want to talk to me about Denver Real Estate you can email me at Amy@MyDenverView.com or call me at 303.995.3180.

00:00 Introduction
00:15 Denver Housing Market Overview
00:35 Housing Inventory in the Denver Metro Area
00:56 Homes Sold in Denver
01:27 Mortgage Interest Rate forecast 2023
01:48 Will home prices drop in 2023 in Denver
02:35 Affordability
02:55 Conclusion

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