Spring 2023 Market Report
Bottom Line on Top: 2023 is starting like most years for the entire Denver Metro market. Namely: there is an increase in activity as the spring season starts.
Adorable, historic farm in rural Douglas County.
How do equestrian properties relate to the market overall?
For the entire metro area, the number of new listings increased by 20% and closings increased by 31%. However, for Douglas and Elbert County Horse property inventory and sales remained relatively flat.
Douglas & Elbert County Horse properties are homes listed within Douglas or Elbert County, Colorado that have 3 or more acres and the zoning allows for horses.
Close in, regal estate home.
I see Price reductions on zillow, surely prices are finally coming down …
Historic Sales Price Trends continue to remain high, but have leveled off over the past year. In comparison to longer term trends, especially for the rural market segment, inventory and sales remain relatively low and prices remain at all time highs.
Graph on the left shows the 5 year increase (from a median price around $600k to a median price around $1M). The graph on the right shows that median prices are remaining around the $1M mark over the past year.
What is going on in the Colorado-wide luxury market?
*analysis from the Certified Luxury Home Marketing Institute
A key update from this report from last quarter is that the Colorado Springs market has shifted to a more Balanced Market.
In all markets shown, days on market and inventory have increased in Q1 indicating the market may be returning to a more balanced position across the board.
As a seller, how can I navigate this potentially shifting market?
Three important trends to attract qualified, high end buyers:
Location, location, location remains one of the most notable trends affecting luxury properties. Think: proximity to metro areas, international airports and mountains or open space.
Multi-generational living with a focus on separate or semi-separate living spaces is a priority over total square footage.
And lastly, more buyers are interested in the use of smart home technologies especially around security and environmentally friendly improvements.
And now the fine print: The above information has been researched from the Metro Denver MLS System (www.REcolorado.com) by Penny Smith of eXp Realty, LLC based in Larkspur, CO. It is believed to be accurate, but is NOT guaranteed. Every property will have unique factors affecting value such as location, condition, acreage, quality, size, age, upgrades and features. A thorough in-person assessment by an experienced real estate broker or licensed real estate appraiser is recommended to determine the actual current market value on an individual property.
Give me a call to discuss the fine print and determine how your home fits into these macro factors.