Denver Real Estate Market Overview – October 2023
October 2023 in the Denver Real Estate market has shown significant changes. This analysis dives deep into the statistics and their implications.
Metro Denver: A Diverse and Dynamic Region
Metro Denver encompasses Adams, Arapahoe, Broomfield, Boulder, Jefferson, and Douglas Counties. Each county boasts unique characteristics, contributing to Denver’s appeal as a real estate hotspot. The region is home to major cities like Boulder, Aurora, and Centennial, known for excellent school districts and a blend of urban and natural environments.
October 2023 Market Highlights
October 2023 saw the median close price in Denver rise to $589,990, a significant increase from $575,000 in October 2022. This 2.61% year-over-year growth indicates a steadily appreciating market. However, compared to September 2023, where the median was $591,000, there’s a slight month-over-month decrease, suggesting a momentary stabilization in prices.
Active Listings and Inventory Changes
The number of active listings dropped to 8,577 in October 2023 from 9,586 in October 2022, a 10.53% decrease, reflecting a more competitive market with fewer options for buyers. Compared to September 2023, the listings decreased from 9,261, indicating a tighter market month-over-month.
Sales Trends: A Closer Look
Sales numbers in October 2023 stood at 3,375, down from 3,794 in October 2022, showing an 11.04% year-over-year decrease. This decline might indicate a market cooling or buyer hesitation. However, the slight decrease from September 2023’s 3,609 sales suggests a stable purchasing trend.
Price Negotiation Dynamics
The close price to original price ratio in October 2023 was at 98.20%, slightly up from 97.30% in October 2022. This increase suggests that homes are selling closer to their asking prices, indicating a market favorable to sellers. The month-over-month change from 98.50% in September 2023 shows a slight shift towards buyers.