Denver Market Insights: September 2023

Oct 5

As a real estate agent with over two decades of experience buying, selling, and renovating homes in Denver, Colorado, I am committed to providing you with the latest market insights. In September 2023, the Denver Market showed distinctive trends crucial for buyers and sellers to understand. Here’s an in-depth analysis of the market dynamics for this period.

Market Overview

Sales and Closings

Seasonal Slowdown: September witnessed a notable seasonal slowdown in home sales within the Denver Metro area.
Decrease in Closings: There was a 17% decrease in the number of closings from August 2023, and a significant 25% drop compared to September 2022.

a hand holds new house keys. A small silver charm in the shape of a house is on the keyring with the keys.

Home Prices

Stability in Prices: Home prices showed remarkable stability, with the median closed price of a Denver Metro home rising by less than one percent from the previous month.
Yearly Comparison: When compared to last September, there’s only a slight 1% increase in median closed prices.

New Listings

Decline in New Listings: The market experienced a 5% decrease in newly listed homes from August to September 2023. Additionally, there was a 12% decrease in new listings compared to September 2022.

Buyer Activity

Slowdown in Contracts: Buyer activity also slowed, with fewer contracts executed on homes in September compared to August.
Increase in Decision Time: The median number of days it took for a home to move to pending increased, indicating shoppers are taking more time in making home-buying decisions.

Rental Market

Seasonal Decrease in Leases: The rental market followed a similar trend with a decrease in the number of properties leased.
Rising Lease Prices: Despite the slowdown, the median price per month for leased properties was 5% higher than the previous year.

Other Notable Statistics

Days in MLS: Homes spent an average of 15 days in the MLS in September, which is slightly longer compared to August but 2 days less than last year.
New Home Listings: There were 4,578 new listings, marking a 12% decrease from last year and a 5% seasonal decrease from August.
Pending Sales: The number of listings pending sale was 6% lower than last September and 9% lower than the previous month.

Expert Advice

For Sellers

Optimal Pricing: Given the stability in home prices, pricing your property correctly is crucial. Avoid overpricing to attract serious buyers.
Presentation Matters: With homes spending more time in the MLS, ensure your property stands out through professional staging and high-quality photography.

For Buyers

Negotiation Leverage: The increase in decision time and slower buyer activity may provide more negotiation room.
Explore Options: With a slight increase in the median home price, it’s important to explore diverse neighborhoods to find the best value for your investment.

Final Thoughts

The Denver Metro real estate market in September 2023 offers unique opportunities and challenges for buyers and sellers. As your trusted real estate expert, I am here to guide you through every step of the process. For more personalized advice and the latest market trends, contact me at heff@ironworksrealty.com.

Note: The data and analysis provided in this blog post are based on the latest market statistics and trends for September 2023 in the Denver Metro area. Source: Re/Colorado.

Jeff Piquette

Jeff is the real estate expert behind Iron Works Realty. As an agent, he works with custom home builders to sell new builds, advises asset managers at US Bank to sell client properties, and works with residents throughout metro Denver to achieve their real estate goals. As a licensed contractor, he has built, renovated, and managed properties for more than 20 years. Today, he is building a family home in Cherry Hills and has a deep understanding of the surrounding neighborhoods and community.