mhm’s Q3 2023 Market Report
As we move away from what was considered one of the most erratic years in the real estate industry, the era of “unprecedented times” is in the rearview mirror.
At the peak of the market in recent years, interest rates were at historic lows, inventory was scarce and many homes were under contract in less than a week. Pandemic-fueled purchasing informed the distinct challenges — and the many rewards — of buying and selling real estate, so as the country transitions into a state of balance, we are beginning to see the much-needed shift into a corrected and traditional market.
In April, Denver buyers saw a 2.3% increase in available listings since March and a 45.9% decrease in the days that homes spent on the market.
Home prices are up 2.6% month over month, indicating a heated summer season to come. Whether buying or selling, it is vital to partner with a seasoned broker to successfully navigate the competitive market.
march 2023 → april 2023
average price $682,061 // ↑ 2.6%
days on market 20 // ↓ 45.9%
active listings 4,620 // ↑ 2.3 %
homes sold 3,701 // ↓ 7.9%
april 2022 → april 2023
average price // ↓ 5.6%
days on market // ↑ 150.0%
active listings // ↑ 44.2%
homes sold // ↓ 29.9%