As we begin to wrap up the last month of 2023, we’re looking back on quite a year in the central Denver real estate market. Despite some fluctuations, we’ve generally stayed on an upward trend. The median price peaked at $900,000 in February, dipping to $875,000 in June and July, and has since recovered last month to $900,000.
The supply and demand ratio indicates that 2023 was very much in line with the pre-pandemic, moderate growth years. This suggests a more stable market with continued demand and limited inventory, which could lead to moderate appreciation, as we saw in 2018 and 2019.
With strong demand and buyers eager to enter the market, there's a sustained interest in purchasing homes despite the higher cost of borrowing. Last month with a slight dip in interest rates, there was a 16% uptick in buyer activity. The Fed’s recent move to not increase rates combined with the anticipation of the Federal Reserve potentially reducing interest rates in 2024 might accelerate appreciation by making borrowing more affordable and stimulating more home purchases.
>>>>
December Buyer Tips - There is still a lot of opportunity in the market today. Sellers with active listings during the holiday season are generally motivated to sell. Let’s strategize together. P.S. if 2023 wasn’t your year, there are 4 easy steps you can take now to be prepared in 2024.
December Seller Tips - Inventory is still extremely low at most price points in the Denver metro area. Buyers are clamoring for homes that are clean, updated, and move-in ready. Here’s a few tips to make sure your home makes the best first impression. If you’ve thought about upgrading to your next home but feel locked into your interest rate, let’s chat.
If you're in the market to buy/sell a home, or you just want to chat about real estate, let’s connect! I'm happy to share market resources, vendor referrals, or anything else that would be helpful in your journey.
Michelle Fitzgerald
Real Estate Broker, Realtor®
phone: 970.215.8455
email: michelle@michellesellsdenver.com
Instagram: https://www.instagram.com/michelle_sellsdenver/