January 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 $657,229 IN DECEMBER DECLINE 0.5% FROM LAST MONTH AND ROSE 3.5% FROM LAST YEAR.
Quick Stats:
- Average active listings for November are 12,150 (1985-2022).
- Record-high November was 2006 with 24,603 listings and the record-low was set in 2021 with 1,477 listings.
- The historical average decrease in active listings from November to December is 17.06 percent. This year’s decrease of 25.63 percent is higher than the seasonal norm, but is in line with what we've seen over the last 10 years at 22.5 percent.
Hi everybody! Zach Florence here with Florence Realty Co, bringing you this month's market update! In December, we saw average prices stay flat, which made our annual year-over-year for 2023 average price go up 3%. Meanwhile, the median price came down 3% last month, so our year-over-year median price has held steady. This means that higher priced homes are transacting more frequently; therefore, bringing up that average price while the median price is remaining the same.
Housing supply took a dip in December. We went from 2.4 months of supply to 1.9. That's going to put a strain on housing supply going into the new year here, which we are currently seeing half way into January. 2023 is in the books, as it was a struggle of a year for many. Transaction count hit an all time low. Our largest 45 day decline in a decade happened at the end of last year from November into December. However, we've turned a corner now in 2024! For starters, rates have come down- a point and a half!
Rates are down, prices are down, and right now consumer confidence is optimistic about what this year holds. I anticipate our selling season to be strong from now through June. Experientially, in the first two weeks of the year already, we've seen that here at Florence Realty Co. If you have questions about anything for your specific needs, don't hesitate to reach out! Stay warm and talk soon!
