Real Estate Market Update Denver Foothills March 2023

Real Estate Broker/Owner with Orson Hill Realty

March 2023 Real Estate Market What is Going on in the Denver Foothills?

Here we go again.... Buyers just can't seem to catch a break but it could also be their fault. I always tell people sellers don't set market value. Buyers do. Not something buyers want to hear while home shopping but they need to understand there is competition in the real estate market and the people they are competing against are other buyers. 

I have a lot buyers that have been looking for over a year (started looking when it was really crazy) and they are still able to commit. They never made an offer because they didn't want to get into a bidding war or need to remove too many contingencies to make the offer stronger. So here they are. We have fewer buyers but also less inventory. The same buyers are listening to the news and listening or their cousin Chucky who keeps telling them the market has crashed and they should be able to "get a great deal". Well sorry cousin Chucky, not in our market. Sorry to say if you come into the Denver Foothills market you better have the stomach and ability to jump on a good home.

Yes, some homes are staying on market (although our DOM are down from 30 (the recent peak) back down to 20 days on market. That is nuts to still have that going on. We are not seeing the same amount of sales but they are still happening. 

So back to the market update. 

How Long Are Homes on The Market in the Foothills?

Denver Foothills Day on Market

As mentioned in my opening rant, days on market have ticked back down to 20. That is still way lower than historical markets. There just aren't enough homes out there. Since supply and demand are the main driving forces in a capitalist society, home values are still holding strong. 

How Many Active Listings in the Denver Foothills?

Active listings Denver Foothills

This number right here is the one that haunts real estate agents and buyers. I was actually surprised at the drastic highs and lows on this chart. We had low inventory the last 2 years and we are even lower now. Never thought that would happen. People are just not wanting to sell. I honestly thought people that have been here for 10-20 years would be cashing in on the huge equity they have built over the last few decades. That hasn't happened yet.

How Many Homes Have Sold Recently in the Denver Foothills?

Number of Home Sales

Once again a very shocking statistic in the above graphic. We are ticking back up a bit from our lows but it is still the worst month in the last 12 as far as the number of units sold. 

all the above statistics are pointing to another rough spring/summer buying season for already beaten-down buyers. It is saying the longer you wait into the spring the more difficulty you will have getting your offer accepted. Buyers that weren't around last summer have no idea how rough it was. Trying to explain to them is lost in the conversation. Buyers feel this won't happen again this year. It is my opinion with about 80% certainty that this year is going to be pretty much the same as last year with the exception of the number of units sold. That will be lower.

To recap my thoughts about the 2023 spring real estate market in the Denver Foothills:

  • If you are a buyer and want a home in the Denver Foothills it's time to make your move. 
  • Inventory will (most likely) pick up a bit in the spring but so will the buyers
  • Home prices have most likely found their level and will now appreciate at a normal rate. 
  • We are already seeing multiple offers over list again.
  • Interest rates will most likely go up. Feds are signaling inflation is still a concern
  • The total number of sold units will most likely be lower this year but only because of the desirability and demand for Denver mountain homes.
  • We will most likely start to see contingencies being removed by buyers starting in April if not before. So if you want to be able to keep appraisal and inspection objections you may want to be under contract before then.
  • Last weekend I showed 5 homes on Saturday. 4 of them had buyers in the home right before and people waiting to get in when we finished. That is the type of activity we had the last 2 summers. 
  • Waiting to buy or sell your home and trying to time either home value peak or interest rates at their lowest will most likely cost you more in the long run. Just make the move!

Comments (2)

Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em:

Welcome to the Rain. Enjoyed your blog page, and I added you as a friend. I would love the follow back. We look for more from you later on. Thanks Bill


Mar 03, 2023 06:20 AM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC

Thanks for sharing your market update with us. Buyers & sellers in your area would benefit from your services. Have a great day!


Mar 10, 2023 11:00 AM