7 Day RE Colorado Matrix Market Stats Update 01-24-2023

by Stephen LaPorta 01/24/2023

 

 

7 Day RE Colorado Matrix Market Stats Update 01-24-2022.

 

Looking at interest rates in the past year, the current rate for a Conventional 30-year fixed mortgage is 5.75% down from 6.125% prior and down from the 7% rate in October. The current interest rate is below the historical average; however, mortgage rates were 3% in January of 2022 with home prices peaking in the spring of 2022. The reduced buying power had a significant impact in September, October, and November of this year with rates peaking in October. It is important to have the most recent data possible for any real estate decision. Since the market turns quickly looking at a smaller period becomes more appropriate for making the right decision. The stats below are a seven day look from the RE Colorado Matrix system supplemented with RE Colorado Denver Metro Market Watch.  The number of Pending Listings was 914 up from 824 the prior week with this number surpassing the number of Price Decreases 498 for seven weeks in a row. Price Decreases are down from the prior week. The number of Expired Listings 140 is up from the week before with 134 Expired Listings. The recent drop in interest rates seems to have stimulated market activity with the increase in Pending Listings. Mortgage rates are currently fluctuating with shorter rate locks. The number of Closed Properties during the same period was 451 up from 439 the week before. During this period 146 properties Came Back on Market indicating properties that have fallen out of contract for one reason or another. This number is 32% of the number of closed properties during the same period. As a buyer the possibility of a Back Up Offer for that desirable property is very real. This adds to the need for an experienced agent on your side to guide you with regards to the ins and outs of a Real Estate transaction. With a qualified real estate professional helping you digest changing market information your able to make good decisions going forward. Median Closed Sales price for the Denver Metro Area 11- Counties in December was $554,950 this price is 3% more than the last year at this time and 1% lower than November. Closing prices were 4.4% lower than original list prices as buyers are using their position in the market.  The Median Days in MLS in April 2022 was 4 and in December of 2022 the number of Days in MLS increased to 31 days. Remember if you choose to sell your current property and purchase currently you are trading in the same market. Expectations with regards to sales price of your current home must be realistic when reviewing market information. In the current market conditions, you want to make sure your home is one of the better values on the market. If you need a real estate professional with changing market experience reach out to me at any time.

 

RE Colorado Matrix system Seven Day Stats

 

 

 

 

New Listing (487)

 

Coming Soon (91)

 

Back On Market (146)

 

Price Increase (89)

 

Price Decrease (498)

 

Pending (914)

 

Withdrawn (95)

 

Closed (451)

Expired (140)

 

 

 

 

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
     
 

 

 

About the Author
Author

Stephen LaPorta

Hi, I'm Stephen Laporta and I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you.