The Denver Real Estate Market in November 2022
The combination of Thanksgiving with moving deeper into the winter and holiday season led to home prices and the volume of sales decreasing while the number of days a listing spends on the market increased.
In November, the median price for detached, single-family homes decreased to $615,000. That's less than 1% below the October median price of $622,490. Despite it being the slow season with high interest rates shaping the market, prices are is still 2.5% higher than they were in November 2021.
As for attached listings, such as condos and townhomes, the median price actually increased slightly from $405,000 the prior month to $410,000 in November. Prices are also up 5.1% over this same time period in 2021.
How about inventory? Just 1,862 detached homes came on the Denver real estate market in November, down around 30% compared to both the prior month and the prior year. This continued low inventory is why prices are not dropping by extreme amounts. By the close of the month, there were 4,572 listings still available, an increase of 216.6% year-over-year, but down 16% compared to October.
Looking at days on the market for detached homes, buyers have ample time to find the right property. Homes are now taking 36 days to sell on overage, an increase of 6 days over October and up 140% compared to the prior year.
With all this in mind, a lot of buyers and sellers are wondering what's next. While answers may vary, there's a general consensus:
“Without a doubt, the Denver Metro housing market is changing, but the question on everyone’s mind is how long this change will last and what to expect next year....While we expect to see the Denver real estate market continue to change through 2023 due to interest rates and inventory woes, it has continued to show strength and stability.” —Libby Levinson-Katz, Chair of the DMAR Market Trends Committee and Metro Denver Realtor®
Another development that should bring more buyers into the market is the recent announcement of new conforming loan limits for 2023. The baseline loan limit of $647,200 will increase to $726,200 nationwide which will make home buying easier and more affordable. More specifically, conforming loan limits in Denver and most surrounding areas will increase to $787,750 while Boulder County will jump to $856,750.
So once January 2023 rolls around, more buyers will be able to get into a conventional loan instead of having to adhere to strict guidelines and qualifications for jumbo loans. That should breathe new life into the market no matter what comes next with interest rates.
With the Help of a PorchLight Agent, Your Home Will Shine
At the market's peak over the last couple of years, even distressed homes were getting snapped up by buyers willing to put in some sweat equity. Now, it's imperative that sellers do everything possible to help their homes stand out from other homes on the market.
That's why all of our agents are backed by a full-service team, including our in-house cleaning crew. We will ensure your home is camera-ready so that it stands out in photos online and in printed marketing materials. It will also make the best possible impression on potential buyers when they view it in person. A clean home keeps them focused on the charm of your home, not the dust.
No matter what level of service your home needs, we have all your bases covered with three great options.
The Market Shine
This is a quick wipe-down and refresh to add that final "shine" before professional photos are taken. While this is not intended to be a typical house cleaning, it does include:
- Spot-dust furniture, fixtures and fans
- Wipe down glass surfaces
- Clean the kitchen and bathrooms
- Vacuum carpeting
- Mop hard surface flooring
- Sweep the front porch
The Full Clean
When a home needs more attention, or you have pets, we offer full cleaning. And if you’ve already moved out, our crew can also tackle the inside of your oven, cabinets, drawers, and other appliances for an additional fee. Your home will be ready for a buyer to move right in.
If you need more extensive cleaning (or even repair) services, just ask for a referral and we’ll connect you with a trusted service professional who will get the job done right. Our extensive and reliable network includes experts who can help with:
- Deep cleaning, furniture/appliances moved
- Exterior and hard-to-reach interior windows
- Patio and deck cleaning, repairs if needed
- Carpet cleaning, repair and/or replacement
- Cleaning a garage or any unfinished spaces
- Mold, waste, debris or biohazard removal
When you first meet with one of our agents, they will walk through your home and advise you on what needs to be done and how we can assist. PorchLight provides a next-level experience and and a full-service approach also encompasses staging, photography, and a full marketing suite—both print and digital.