There are no big surprises here - our holiday market took “a long winter’s nap.” But even as we experienced the typical slowdown in activity last month (stats provided by DMAR), we had a nice little uptick in transactions (as many buyers took advantage of the lower interest rate and competition). Talk about receiving the ultimate holiday gift! And compared to this time last year, our average home price was about $3,000 higher. So, any homeowners concerned about their property value significantly dropping in 2023 will find the news welcoming. But December has one very important happening: our most significant purge of expired listings. On December 31st, a substantial portion of our inventory was removed from the MLS (Multiple Listing Service) databases. And with only a trickle of new listings that came on board, we kicked off 2024 in favor of sellers. And for the entire Metro Denver area, we kicked off 2024 with just 214 more active homes than in 2023! Our market shows strong signs of balancing. And if interest rates remain in the 6s, we could see activity pick up after the Super Bowl and a surge of listings come March
source: Megan Aller, First American Title.
So now is a great time to prepare!