The November Market: Wrapped

Did you get your Spotify wrapped? I always love when Wrapped is launched and I can see everyone’s favorite songs and artists. This will be kind of like that, except for real estate information that wraps up November 2023. The market is down. Median close price, active, new, and pending listings are all down. Closings are down. Sales volume is down. Some of this is standard of the season - the end of the year brings cold weather, lots of travel, and lots of spending for a lot of people. That means fewer people are buying homes. High interest rates are compounding this trend in 2023.

Pending sales are the lowest they have been in a decade throughout 2023!

As a seller, you have to be patient. Homes are sitting on the market for much longer. Back in 2021 we had 5 average days on market which is truly crazy to think about. Now we are back around 40 days which is much closer to average over the last 9 years.

If you want more information on this month’s market update, or if you ever want to talk about what’s going on in the Denver real estate market, I am here for you! Just reach out.