The Denver Real Estate Market in March 2023
Busy, busy, busy. Despite a seismic shift in the market a year ago and tempered expectations about what the busy season might look like this year, the Denver real estate market is looking pretty robust at the start of spring. And there's something for everyone, buyers and sellers alike:
- Due to continued demand and overall low inventory, turnkey homes in the most desirable neighborhoods are once again receiving multiple offers as soon as they come on the market.
- Savvy buyers are targeting solid homes that have been sitting for a while simply due to overpricing, as well as properties that fall out of contract and have been quietly returned to the market. Both options are allowing buyers to negotiate more favorable terms.
Let's look at the numbers. The median price for detached, single-family homes in March came in at $620,000 compared to $600K the prior month. While that's around 6% lower year-over-year, it's not bad considering how drastically rising interest rates have impacted the market. Take 2022 out of the equation, and that's a big increase over March of 2021 when the median price was $540,000.
Sellers are also receiving 99.8% of their asking price, one percentage point higher than the previous month, as less aggressive pricing strategies and some bidding wars are more prevalent in today's market.
As for home inventory, there were 3,561 new listings that came on the Denver real estate market in March, a 47.6% increase over February yet 17.7% lower compared to March of 2022. While this was a much-needed boost, there's a lot of demand from buyers, especially those jumping into the spring market early.
In fact, with 5,658 homes going pending or closing last month, activity continues to outpace supply. Accordingly, homes are spending less time on the market. The average dropped by 20% month-over-month, from 49 to 39 days.
And if you look at median days on market, which finds the number smack dab in the middle and offsets the more extreme data points, homes typically spent 10 days on the market. While that's a big drop, DOM at this point in 2022 was just 4, so buyers still have some time to shop around if they aren't looking for turnkey in prime areas.
This pattern somewhat repeats when looking at the attached real estate market such as condos and townhomes. Pending and closed homes outpaced new listings by 874 properties, and median days on the market decreased from 21 in February to 10 in March.
However, prices remained relatively flat, increasing by less than $1,000 month-over-month. Buyers are also paying 99.8% of the asking price on average, compared to 105.8% a year ago.
So, how will the rest of spring shake out? If March was any indicator, it's likely that buyers and sellers will continue to see a lot of activity but within a more stabilized market. Just make sure you have a professional and experienced expert by your side to guide you, be your advocate, and help you achieve your real estate goals.
Buying a House This Spring? Here's How to Declutter Before Moving.
Whether you house hunt for a month or a year, finding your new home and having your offer accepted is certainly exhilarating. That's followed by a bit of stress as you go through the steps needed to secure a mortgage and get to the finish line.
At the same time, you're likely preparing for your big move which can be a daunting task all on its own. Want to pack and unpack less? Want your move to go faster and possibly pay less for movers? Don't want to fill your brand-new home with useless stuff?
Then it's time to declutter. Embrace the purge instead of packing the junk. Here's a quick guide to get you started.
Set Goals and Make a Plan – Just thinking about decluttering your entire house can feel overwhelming. So, create attainable goals, whether tackling a single room or taking 15 minutes to purge old clothes from your closet. For items that you’re not planning to keep, sort them into three categories: sell, donate or toss.
Apply the 90/90 Rule — This is a great way to make quick decisions. Basically, if you haven’t used an item in 90 days and don’t see yourself using it in the next 90 days, get rid of it. For clothes, you have a bit more time, especially for seasonal items. The hard rule here is if you haven’t worn it in a year, it has to go.
Use the Things You Have Now — Have a toothpaste stockpile? A freezer full of frozen veggies? Put a moratorium on shopping and start using up what you have in your house. Personal care to pantry items, the more you get through, the less you have to pack and move—like a heavy box full of canned foods.
So, what should you get rid of when decluttering? Let's take a look.
DON’T Keep Total Junk
- Random papers, cards or mail
- Shoes and clothes that don’t fit
- Old electronics or random cords
- Expired food, medication, etc.
- Worn-out linens, curtains, rugs
- Old instruction manuals
DON’T Keep Extra Anything
- Dishes, glasses or silverware
- Pots, pans and cooking utensils
- Water bottles and coffee cups
- Plastic storage containers
- Excess towels, blankets or pillows
- Pens, paper and office supplies
DON’T Keep Unused Stuff
- Unread books and magazines
- Obsolete VHS tapes or CDs
- Never unpacked holiday decor
- Outgrown baby and kid gear
- Gifts you keep out of guilt
- Broken stuff you haven’t fixed
Once you've lightened your load, moving will be easier and unpacking will be more joyful because you'll be filling your new home with all the items you use and love. Now, that's how to have a perfect fresh start in your new home!