Summer 2023 Quarterly Market Report
Bottom Line on Top: It is still technically a Seller’s Market, but it feels more balanced.
Until available inventory increases, rural properties still favor sellers. That said, we are seeing some relief for buyers in the way of concessions as homes stay on the market for longer.
Looking at these factors for the first half of 2023, the luxury market has also shown a resilience that would have been difficult to predict at the start of the year. Looking to the remainder of the year we may be entering a period of more stability.
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.
Historic Douglas and Elbert County Sales Price of Horse Properties
Median prices remain at historic highs
Largest increase in the price of horse properties occurred from January 2020 thru January of 2022. After that time, median prices have oscillated around $1M.
This is consistent with what I reported for previous 2023 Quarterly Market reports. Barring any unforeseen crises, I don’t expect prices to get hit by a major market correction any time soon.
A key update for this report which differs from last quarter is that all the luxury, front range markets are back to Seller’s markets. (See table below).
In all markets shown, days on market and inventory have increased in 2023 and we are seeing more frequent examples of Buyers having some leverage in negotiating points, concessions and/or inspection repair items.
Luxury Real Estate Markets
Globally, a great deal of wealth was created during the pandemic.
Real estate is still seen as a safe haven for investments and wealth preservation. The affluent are bullish about owning multiple homes and are less impacted by rising interest rates.
And the increase in secondary passports and citizenship is driving an increase in out of state / out of country buyers.
Location and proximity to modern amenities remain attractive to buyers.
And now the fine print: The above information has been researched from the Metro Denver MLS System (www.REcolorado.com) and the Certified Luxury Home Marketing Research Center 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.