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LUXURY MARKET ($1,000,000+): “Zig Ziglar once said, “Every sale has five obstacles: no need, no money, no hurry, no desire, no trust.” Today, all five of those obstacles present themselves clearly to home buyers and sellers in the $1 million and over price segment. Despite it all, 2023 has proven to be quite a strong year for this segment. Removing the pandemic years and comparing to 2019, sales volume year-to-date has more than doubled, closed volume has nearly doubled, new listings are up over 66%, and price per square foot is up over 14%. I predict this segment will continue to see growth as more people spend more money to experience the gift of living in Colorado.” Susan Thayer, DMAR Market Trends Committee Member & Denver REALTOR®.
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SIGNATURE MARKET ($750,000 – $999,999): “Black Friday may only last one day in November, but for buyers in the $750,000 to $999,999 price range, the deals lasted all month. The deceleration in the market, however, should not cause any alarm. It is seasonal and expected. Historically, the holidays in November and December take precedence over home buying and selling goals, so we typically experience a decline in market activity. November and December showcase prime opportunities for serious buyers: far less competition, declining prices, expected seller concessions, and recently, declining interest rates. It’s the perfect time for them to give themselves the gift of home ownership.” Colleen Covell, DMAR Market Trends Committee Member & Denver REALTOR®.
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PREMIER MARKET ($500,000 – $749,999) “There are few things greater than the gift of homeownership. A home can offer financial security, stability, tax benefits, and community. It also serves as the backdrop for so many wonderful moments in life, especially during the holiday season. Many buyers are inclined to hit the proverbial pause button on the home search and wait until spring. While that is an option, waiting to buy a new home likely means competition and concessions on the buyer side. Meanwhile, we have great homes on the market now with motivated sellers and less competition. Perhaps you can negotiate concessions on inspection, or maybe that low interest loan is assumable and can be transfered to the buyer. As REALTORS®, our gift is the ability to guide our clients with knowledge and savviness. End of the year is a busy time as I encourage buyers to look when no one else is. We find great homes and they pay less than if they had waited.” Nick DiPasquale, DMAR Market Trends Committee Member, and Denver REALTOR®.
*Remarks from Pages 15-16 of the December 2023 Market Trends Report from DMAR
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