December Market Report - Metro Denver
Last Month's Key Statistics
for Denver's Real estate Market
Attached & Detached Single Family Homes
THE AVERAGE SALES PRICE OF $659,152 IN NOVEMBER DECLINE 3.5% FROM LAST MONTH AND ROSE 0.4% FROM LAST YEAR.
Quick Stats:
- Average active listings for November are 13,657 (1985-2022).
- Record-high November was 2006 with 27,530 listings and the record-low was set in 2021 with 2,248 listings.
- The historical average decrease in active listings from October to November is 13.3 percent. This year’s decrease of 10.7 percent could indicate slightly slower buyer demand.
Hey everyone! Zach Florence here with Florence Realty Co. bringing you this month's market update! I’ve got two points of news for you. Depending on what your needs are, they could be good or bad news. One, last month we lost 3.5% of value. That’s a lot of depreciation in a singular month. That brings our year over year appreciation to basically flat. For this year, this is the best pricing that we’ve seen in 2023. Two, we’re also seeing some of the best interest rates as of to date, December 14th, as interest rates came down an entire quarter percentage point. We are now sitting at about 6.75%- the best rate we’ve seen since May!
We’ve got low prices and low interest rates so if you're a buyer, that’s good news! If you’re a seller, probably not so much. Hopefully, however, this will bring buyers off the fence and back into the market. I’ll be curious when I touch base at the beginning of the year to see what next year holds, as we’re sitting at 2.5 months of inventory. So, if we have low rates with not enough supply to meet demand, I anticipate some appreciation to begin in our selling season come February. Until then, let me know if you have any questions for your specific needs! Happy holidays and happy New Year; we’ll see you in 2024!
