Market Update - November 2023
Hello!
As we say adieu to 2023, the data is in for November. Depsite major headwinds of seasonality and high interest rates, the Denver metro real estate market did see activity and average sales price essentially holding steady when looking across both detached and attached homes.
Single family detached homes are doing slightly better year over year than attached homes in terms of selling at or over asking price, average sold price and percent of homes under contract during the first week of being listing. For both home types, the average days on market crept up vs last year, which makes sense due to higher interest rates seen in October.
Since this data was finalized, the Fed has met and agreed to hold rates steady, which effects the 10 year yield and is what ultimately drives mortgage interest rates. With this hold steady news, and hints of even lowering the fed rate multiple times come 2024, interest rates for mortgages have actually dropped below 7%, down from rates hovering around 8% in October. This means buyers who have been priced out of homeownership at higher rates or have been sitting on the sidelines waiting for rates to drop will now be entering the hopeful homebuyer pool. Current homeowners will eventually feel comfortable enough to trade in their sub-4% rate for their dream home or other geographies, loosening up the strangle hold on inventory that has been gumming up the market in 2023.
If you're looking to buy or sell, 2024 could be the year for you. We adeptly help guide sellers and buyers in hot, cool or "just-right" real estate markets. We were successful agents before the frenzied market in 2020-2022, had a great 2023 despite high interest rates and look forward to a 2024 where we can help sellers and buyers accomplish their goals in real estate as conditions shift yet again.
Have a great end to 2023 and see you next year!
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J2 Home Team
Broker Associate | License ID: 100073981
Broker Associate License ID: 100073981