Denver October 2023 Real Estate Market Updates
Stay informed and make sound investment decisions with our comprehensive analysis of the latest October 2023 real estate market updates in Denver, Colorado.


Check out our market updates in other Colorado Markets:

Colorado Springs Real Estate Market Updates- October 2023

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Denver Market Stats and Observations for October 2023

ACTIVE LISTINGS

  • 7850 at the end of Oct’23 vs 7290 Oct ’22 (+3%).
  • Compared to 2019 (pre-COVID): 8,600.
  • It’s great to see that we are building inventory a bit; easier for buyers.
  • But the inventory growth is modest enough that it still supports prices.
  • Sort of a Goldilocks equilibrium.
  • Detached actives were -3%; condos were +19%.
  • From ’85 to ’22, the average number of active listings at this time of the year is 14,800.

NEW LISTINGS in OCT

  • 3820 in Oct ’23 vs 3840 in Oct’22 (-0.7%)
  • Basically, no change.
  • Detached were -4%; condos were +7%

PENDING / UC

  • 3190 in Oct’23 vs 3130 in Oct’22 (+2%)
  • This is very encouraging; rates are a lot higher now than last year and we saw a bit of growth in buyers.
  • 3190 in Oct’23 vs 3050 in Sept ’23 (+5%)
  • Very strong; usually we’d expect a seasonal decline in activity here.
  • Buyers are holding up better than I would have expected.
  • Home and condo pending count changed in very similar ways.

CLOSED

  • 2985 in Oct’23 vs 3540in Oct’22 (-16%)
  • Given the spikes in rates since last year, no surprise here.
  • Vs. Sept ’23, off -12%.  That’s a little more than I’d expect from seasonality, but its not off much.
  • YTD ’23: 36,100.  YTD ’19 (pre-COVID) : 50,000.

PRICE

  • Up 4% vs. last year (pretty good, all things considered)
  • Flat vs. last month (good, from a seasonality perspective)
  • Condos had a little less appreciation than homes, but not a lot less.
  • Compared to 2019:  $682K (’23) vs $487K (’19)

DOM Days on Market

  • Increase from 28 (Oct’22) to 32 (Oct’23)
  • Increase from 30 (Sept’23) to 32 (Oct’23)
  • Both are in line with what you’d expect.
  • Compared to pre-COVID:  30 DOM.  (about the same!)

DISCOUNTS

  • Essentially no change; about 1.1% off is a typical transaction.
  • 58% of transactions had a discount and/or a seller concession.  The average concession was $9400.  Compared to last October, 51% had a concession with an average of $7600.
  • Compared to pre-COVID:  0.7% discount.

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Authors
Chris Lopez
Chris Lopez is a Denver area real estate entrepreneur and investor, as well as the host of Bigger Pockets’ House Hackerz and the Denver Real Estate Investing Podcast.
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