Newsletter for the New Year!
Monthly Newsletter from New Dawn Realty February 3, 2023
Happy New Year!
One month has evaporated from the 2023 calendar year and we're already racing into February.
Everyone is asking for my "crystal ball" prediction for 2023 so here you go:
Last summer, buyers pumped the breaks and the real estate market went eerily silent.
They needed time to digest the quick interest rate hikes, inflation, and the inundated noise of negative media reports.
The holidays approached and still, not much buyer confidence.
Then, between the week of Christmas and the New Year, there were scheduled showings and signs of life with buyers emerging to preview property.
And, in the month of January, showings picked up.
I'm predicting for this year, that Colorado's real estate market will bump along and continue with a more normalized housing appreciation (unlike the past few years).
I'm HOPING rates come down some more, but don't bet on that if you are obtaining a loan buy down program. I always advise my clients to plan for the worse (paying the locked rate once it adjusts upward) then refinance when possible and if needed.
Still, real estate is the best place to earn wealth.
Market stats:
Inventory has gone down.
In the six major counties of the Denver Metro Area we have:
Under 1 million market
3899 active listings (10,000 is a balanced market)
pending is up at 3,703 (3,000 two weeks ago).
closed homes 1,063 for the month of January.
1 Million plus market
617 active listings
pending 358 (315 last week)
closed homes 170 for the month of January.
THE MARKET IS HEATING UP!
If you are planning to sell, make sure to get listed in the Colorado sweet spot-February to May.
Talk soon,
Dawna
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