February 2023 Denver Porch Report

With a busy spring real estate market just around the corner, we’re already seeing an uptick in activity though prices remain restrained. If you’re thinking about buying or selling, get in touch first. It’s going to be a time of nuance and micro-markets, so let's find you the right strategy.

Buyers and sellers are slowly coming back into the market after the holidays. Total new listings in January increased by 65.2% month-over-month, and active listings still available at the end of the month decreased by 13.4% compared to December.

However, the median price for detached, single-family homes dropped slightly to $595,000 down from $600,000 the month prior. Prices were also down by less than 1% compared to the same month last year. With no big swings in price, the market remains stable despite high rates.

Homes are taking longer to sell as well, with median days on market now at 36. That’s a 620% increase year-over-year.

Buying a fixer-upper as your first home (or third) is the home-buying hack you didn’t know you needed.

In 2021, nearly 30% of houses were purchased with all-cash offers. Although the market has cooled off somewhat since then, it can still be hard to compete.

One way to beat the crowds of other homebuyers is to buy a fixer-upper. Sure, it won’t be picture-perfect the day you move in. But it may be more affordable. Plus, you get to put your own spin on the property over time and truly make it your own.

And if you find a great house that needs work right away, there’s a loan for that.