Are you curious about the market predictions 2023? Spring real estate activity in the Denver Metro area, should prove to be one of the best long-term real estate investments in the U.S.
In a 9News article from Author: Kate Tracy (Denver Business Journal) dated April 7, 2023, “Home sellers and buyers are both benefiting from the first hints of Denver spring, according to the newest report from the Denver Metro Association of Realtors.”
This information follows, “With more inventory, higher prices and homes flying off the market faster than they were in February, sellers are starting to see multiple offers again. Meanwhile, buyers are enjoying lower pricing and longer days on the market than a year ago, according to the report.”
They also report that, “The average close price of homes in the Denver metro area was down by 5.24% compared to March of last year but increased by 1.44% from February to $665,390. The median home price was lower than a year ago as well, down 6.15% to $565,000, with a slight increase of .44% from February. Buyers closed on 3,790 homes in March, a 32.29% increase from February and a 21.24% decrease year-over-year.”
Lot’s Of New Data Released
US News used data from the U.S. News Housing Market Index to compile a comprehensive look at the Denver housing market. Want to know where it is headed according to this report?
“With low unemployment, low supply and improving customer sentiment, Denver’s housing market is poised to carry on strong. While increased builder confidence could lead to more supply, our forecasts predict building permits will fall – at least for the next few months. This should keep supply low and demand strong for the area’s very limited housing.”
The Denverite, after in depth reviews from the past month, reports that Denver has shifted back to a seller’s market, and says, “The spring market is here and is outperforming expectations,” noted Libby Levinson-Katz, the chair of the Denver Metro Association of Realtors Market Trends Committee. “Interest rates began their steep upward climb last May, with the real estate market feeling the slowdown acutely by fall. Heading into the New Year, expectations were conservative with the prediction that the spring selling season would be calmer than in years past with slower appreciation and longer days on the market. However, low inventory coupled with continued buyer demand resulted in a stronger start than predicted for the Mile High City.”
The Denver Metro Association of Realtors monthly indicators report, in PDF form, through April 2023, where market predictions 2023, can be accessed here.
Market predictions 2023 have been published in Forbes by Andrew DePietro (Contributor), who covers real estate, economics and cost of living writes that “According to the Census Bureau’s 2021 American Community Survey 5-Year Estimates, Denver is now the 19th biggest city in the United States, with a population of 711,463, as of 2021. Denver has witnessed dramatic growth in recent decades. From 1990 to 2021, Denver’s population increased by 52.1%, from 467,610 to 711,463. Analyzing the data from Redfin, the Denver metro area housing market is displaying signs of sustained strength in some areas while also showing signs of decreasing activity in the cities that make up the Denver metro area.”
Included in this Forbes article is another Denver Housing Market Overview for 2023 accessible here.
Need Clarification of Market Predictions 2023?
In an optimistic conclusion, the Denver Metro Association of Realtors report, “The spring market is here and is outperforming expectations. Sellers who jumped into the market are reaping the rewards with the return of multiple offers and more seller-friendly terms. New listings were down 15.61 percent to 5,093 year-over-year, which is 942 fewer properties lowering the number of available options for buyers to view and place offers. For perspective, inventory year-to-date is lower with 8,833 closed sales in March 2023 compared to 9,590 in 2014. Interestingly enough, new listings in both the attached and detached segments rose over 47 percent from February showcasing that more inventory is hitting the market.”
If you need further clarification of market conditions 2023, assistance, or need to talk to an experienced specialist, contact Ed or Kathy Boyle, your urban real estate experts who can help decipher all of these reports and put you on the right track!