December 2022 Denver Porch Report

December 2022 Denver Porch Report

  • Dina Piterniece
  • 12/21/22
HELLO!
Warmest holiday wishes. I hope youre having a festive time with your friends and family. As we get ready for a joyful new year, please feel free to reach out if I can help with anything home or real estate related. Im always available for my friends. Cheers and all the best!
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Moving deeper into the winter and holiday season led to home prices and the volume of sales decreasing while the number of days listings spent on the market increased.

The median price for detached, single-family homes came in at $615,000 in November. That's less than 1% below the October median price of $622,490. So, why arent we seeing major price drops despite higher mortgage rates? Inventory.

In fact, just 1,862 detached homes came on the Denver real estate market in November, down around 30% compared to both the prior month and year.
CLICK HERE to learn more or reach out to discuss your real estate needs.
PREDICTIONS FOR THE
2023 REAL ESTATE MARKET
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After two years of unprecedented, low interest and mortgage rates, the Fed introduced higher rates in 2022 to curb inflation and slow housing price appreciation. And our market shifted.

Looking at 2023, the consensus is that the market will remain the same then begin to improve. Some experts predict that home prices will increase slightly while others forecast a flat market or further price decreases. There is agreement, however, that rates will fall but not by much.

Taking this all into consideration, the 2023 market will likely be a time for buyers to reconcile their budgets and wish lists while enjoying more time to shop and less competition.
CLICK HERE for a deeper dive into the numbers and predictions for the new year.
PORCHLIGHT FEATURED LISTINGS
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$1,100,000
2800 S University, Unit 94
Denver, CO
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$610,000
8300 Fairmount, Unit II101
Denver, CO
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$430,000
11963 E Cornell Circle
Aurora, CO
NEIGHBORHOOD SPOTLIGHT
Everyones favorite is back in January. Dont miss out on professional rodeos, one of the countrys largest horse shows, plus all kinds of activities and exhibits.
January 7-22: Various Times & Events
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Dress in your best Viking regalia and celebrate community, live music, performing arts and craft beer. There will be two stages and both day and evening performances.
January 27-29
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Take your taste buds on an adventure with 20+ local and international brands, live music, food and drink specials, plus the chance to learn about your favorite drink.
January 28: 2:30-6pm
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Dina Piterniece
Broker Associate
720.317.3649
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[email protected]
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