Metro New Construction Median Sale Price Per Square Foot in Denver, CO (Jan-Nov 2023)

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End of Year Report: Metro New Construction Median Sale Price Per Square Foot in Denver, CO (Jan-Nov 2023)

Denver Real Estate Market Analysis 2023: Insights and Predictions

Executive Summary:

The Denver real estate market experienced fluctuating trends in median sale prices per square foot for newly built houses throughout 2023. Despite some monthly ups and downs, the market generally trended upwards, indicating overall growth. This report aims to analyze the data, deduce trends, and provide insights into the market performance, highlighting highs, lows, annual averages, quarterly averages, and projections for 2024. Based on the analysis, recommendations will be provided regarding whether 2023 was favorable for buying or selling new homes and predictions for the market in 2024.

Analysis:

  1. Monthly Median Sale Prices Per Square Foot:
    Month Median Sale Price Per SF (US$)
    January 276.43
    February 279.25
    March 290.07
    April 280.70
    May 285.20
    June 290.73
    July 289.32
    August 261.98
    September 251.78
    October 261.30
    November 265.16
  2. Monthly Percentage Changes:
    Month Percentage Change (%)
    January
    February +1.01
    March +3.86
    April -3.23
    May +1.60
    June +1.92
    July -0.48
    August -9.61
    September -3.94
    October +3.73
    November +1.46
  3. Trends and Relationships:
    • Overall, there was an upward trend in median sale prices per square foot, with fluctuations seen throughout the year.
    • The highest price was observed in March ($290.07 per SF), while the lowest was in September ($251.78 per SF).
    • Monthly percentage changes varied, with the most significant increase occurring in March (+3.86%) and the largest decrease in August (-9.61%).
  4. Annual Average:
    • The annual average median sale price per square foot for newly built houses in Denver in 2023 was approximately $275.56.
  5. Quarterly Averages:
    • Q1 (Jan-Mar): $281.58
    • Q2 (Apr-Jun): $285.21
    • Q3 (Jul-Sep): $267.33
    • Q4 (Oct-Nov): $263.23
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Recommendations:

Based on the analysis of the 2023 market data:

  • Buying/Selling in 2023:
    • For buyers: While prices experienced fluctuations, the overall trend was upward. Therefore, early 2023 presented better opportunities than later months. Purchasing in the first quarter would have provided access to relatively lower prices compared to the rest of the year.
    • For sellers: The market generally favored sellers, especially during peak months like March and June. However, sellers needed to be cautious during periods of decline, such as August and September.

Market Prediction for 2024:

  • Overall Outlook: The market is expected to continue its upward trajectory in 2024, albeit with fluctuations. Economic indicators suggest sustained demand for housing in Denver, driving prices higher.
  • Factors to Consider:
    • Economic Growth: Continued economic growth and job creation in Denver will likely contribute to increased housing demand.
    • Supply and Demand Dynamics: Limited housing inventory combined with high demand will exert upward pressure on prices.
    • Interest Rates: Any significant changes in interest rates may impact affordability and buyer behavior.
  • Recommendation for 2024:
    • Buyers should consider entering the market early in the year to capitalize on relatively lower prices.
    • Sellers should monitor market conditions closely and aim to list their properties during periods of peak demand.

In conclusion, 2023 witnessed dynamic fluctuations in the Denver real estate market, ultimately trending upward. While certain months presented better opportunities for buying or selling, the overall outlook for 2024 remains optimistic, with continued growth expected. As always, thorough market analysis and strategic decision-making will be crucial for navigating the Denver housing market in the coming year.

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