The January 2023 market updates are out, and our roundtable is back to discuss what they mean and how Denver and Colorado Springs are trending. Inventory- is it up or down from last January? Are prices likely to increase or decrease? We’ll talk about the benefits of buying now, as well as details on our latest cash flowing deals. Be a savvy investor and don’t miss out on the great opportunities in the market right now!
Check out the podcast or YouTube video to hear the full conversation with Envision Advisors agents Jenny Bayless, Preston Newberry, and Jeff White. We talked about stats, creative deals we’re seeing, and and our predictions for the future.
Three Learning Options!
- Listen to the podcast “#436: January 2023 Market Updates: Why Savvy Investors are Buying Now” Denver Real Estate Investing Podcast
- Watch the YouTube video.
- Read the blog post. Note, the blog is an executive summary. Get the in-depth breakdown from the podcast or video.
Denver Market Stats and Observations for January 2023
Inventory
- Up 250% from Jan ‘22
- Great gains in homes and condos
- Down 34% from Dec ’22, which is more than the typical historical pattern.
- Average listings for January from 1985-2022: 12,400
- Record low in Jan 22: 1,185
- Current: 4,120
- Historical view – just before COVID
- 4,900 in Jan ‘20
- 5,900 in Jan ‘19
- So our current inventory is LOT better than the desperate situation we were in in ’21 and early 22, but we’re still not at pre-COVID levels. IT’d be great to have more would-be sellers, sitting on the fence, bring their listings to market!
Closed Units
- Down 34% from Jan ‘22
- Not as grim as the 40%++ declines that we saw in the past few months
- Similar results for homes and condos
- Overall, fewer US citizen (owners and renters) moved in ’22 (work from home might be a partial driver).
- Stories exist of an uptick in bidding wars from desirable homes that are priced well. But not nearly as common as fall ’20 and all of ’21.
Price
- Average Up 3% from Jan ‘22
- Homes up 2% and condos essentially flat (odd mix issue at work here)
- Median down -1% from Jan ‘22
DOM Days on Market
- Up 130% from Jan ‘22
- Similar increase in marketing time for homes and condos
- 34 days is still historically a fast DOM.
Under Contract
- Up 51% from Dec ’22
- Only down 8% from Jan ‘22
- This is very exciting to see that we are likely past the bottom.
Discounts
-1.9% in Jan ’23 vs. a 2.3% premium in Jan ‘22
Colorado Springs Market Stats and Observations for January 2023
Inventory
- Up 250% from Jan ‘22
- Great gains in homes and condos
- Down 34% from Dec ’22, which is more than the typical historical pattern.
- Average listings for January from 1985-2022: 12,400
- Record low in Jan 22: 1,185
- Current: 4,120
- Historical view – just before COVID
- 4,900 in Jan ‘20
- 5,900 in Jan ‘19
- So our current inventory is LOT better than the desperate situation we were in in ’21 and early 22, but we’re still not at pre-COVID levels. IT’d be great to have more would-be sellers, sitting on the fence, bring their listings to market!
Closed Units
- Down 34% from Jan ‘22
- Not as grim as the 40%++ declines that we saw in the past few months
- Similar results for homes and condos
- Overall, fewer US citizen (owners and renters) moved in ’22 (work from home might be a partial driver).
- Stories exist of an uptick in bidding wars from desirable homes that are priced well. But not nearly as common as fall ’20 and all of ’21.
Price
- Average Up 3% from Jan ‘22
- Homes up 2% and condos essentially flat (odd mix issue at work here)
- Median down -1% from Jan ‘22
DOM Days on Market
- Up 130% from Jan ‘22
- Similar increase in marketing time for homes and condos
- 34 days is still historically a fast DOM.
Under Contract
- Up 51% from Dec ’22
- Only down 8% from Jan ‘22
- This is very exciting to see that we are likely past the bottom.
Discounts
- -1.9% in Jan ’23 vs. a 2.3% premium in Jan ‘22
Note: The above Executive Summary is from Lon Welsh of Your Castle Real Estate.
Denver Housing Trends for January 2023
Colorado Springs Housing Trends for January 2023
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