An uptick in both buyer and seller activity shows the 2023 housing market is off to a strong start in the Denver Metro Area. Although sellers brought more new listings to the market than we saw in December, inventory levels remain low — especially for buyers looking for more affordable price ranges.
What this means for Buyers:
Although sellers brought more new listings to the market than we saw in December, inventory levels still remain relatively low. You'll especially notice this in the more affordable price ranges, where homes continue to spend fewer days in the MLS. However, more inventory and higher interest rates means less buyer demand, and more days on market. No more crazy bidding wars like we've seen in recent years. This means you may have some time to decide on a home, instead of having to rush to a decision over a weekend.
What this means for Sellers:
Stabilizing prices and high mortgage rates give prospective sellers little incentive to list their homes. Home prices are staying in check as buyers exercise their negotiating power. If you want (or need) to sell your home, make sure you:
1. Hire the right REALTOR
2. Price your home correctly
3. Be prepared to negotiate and possibly even offer closing costs for buyers to pay down their rate
4. Be patient! In many markets, homes are now sitting on the market for 40-80+ days (instead of the 3-4 days a year ago).
For more market stats by town, see my Market Stats page here!
https://www.sallyheldman.com/market-stats/
