Denver Metro Area Real Estate Review
May 2023
The Denver Real Estate Market sure is showing signs of change. These aren’t necessarily negative, as some analysts may be reporting. It does look as though real estate buyers and sellers are becoming more savvy to the trends of the market at large. As mortgage interest rates continue maintaining near 7% housing prices continue to rise, even if at a slower pace than the past few years. Let’s take a look at the latest trends in the Denver Metro Area Real Estate Market.
Denver Metro Area
It appears the market is settling into its new pace. The median sales price for homes in the larger metropolitan area are fluctuating around $430,000. This is down significantly from last year’s peak in May, when homes were selling at a median price of over $620,000. Be not concerned about these numbers. Month-to-month sales trends fluctuate greatly. Year-to-date median sales prices are only down 2.4% from last year, with homes selling at a median price of around $415,000. On the whole, Denver is seeing a very healthy selling/buying market. Homes are moving off MLS within 30 days, and replenishing at about the same rate as being sold. Inventory looks lower than we’ve seen in over the past decade, except for during the pandemic years, but there is a healthy stock available nonetheless. The side effect of this is the need for strong negotiating skills when building contracts. Both parties want to come in with strong offers to ensure a fast closing in the current real estate market.
Boulder County
As always expected, Boulder County’s real estate market continues to be its own monster. Home values are rising faster in Boulder County than most other parts of the country. The median sales price this May is just over $780,000. That’s up 6.2% from last year. Year-to-date, Boulder County homes are selling at nearly 11% higher than last year. If that’s not surprising enough, given the mortgage rates and prices, Townhouses and Condominiums in Boulder County are seeing the strongest growth I can recall. Up through the pandemic years, and even before, condos and townhomes sold around $350,000 – $400,000. Growth in this market was slow as they usually catered to college student rentals. This year, condos and townhouses are selling around $525,000, a shocking 32% growth over last year. Even with these continued home value increases, Boulder County continues to have shortages of inventory, which is selling very quickly – typically under 14 days on MLS.
Longmont
The real estate market in Longmont seems to be back to its normal pace. Homes are selling at the same pace as the rest of the Denver Metro Area real estate market. The average time spent on MLS in Longmont is around 26 days. The median sales price is just around $587,000. This isn’t much growth over last year’s median sales price, but we do continue to see a slow rise in home valuations throughout the city. With the prices of Boulder still rising quickly and inventory across the county still low, Longmont and its surrounding towns continue to look more and more desirable.
Are you looking to move to Longmont, Colorado? With housing prices still on the rise, it’s important to have a strong advocate on your side who knows how to navigate these fluctuating markets, especially when you need to move fast. Get in touch with The Wise Team today and we’ll help you start your house hunting adventure to find your dream home.
