milehimodern market report DENVER + BOULDER Q.2 2023
the opportunities ahead
For buyers and sellers alike, the first two quarters of 2023 have shown that transactional savviness and strategic planning are necessary for building the path to a successful close. The correlation between inflation and federal interest rates is becoming more apparent, with the inflation rate cooling to 3% in June 2023 causing a slight decrease in 30year mortgage rates (according to Bankrate.com). While the Federal Reserve may bring the interest rates down in the second half of 2023, Denver and Boulder’s markets are still experiencing the ever-present demand for housing, thanks to Colorado’s coveted lifestyle, job market and climate.
Across the board, the industry is seeing an increase in the number of sold listings from Q1 2023, as well as an increase in available inventory. With this dynamic season, buyers are also experiencing a shorter window of opportunity to make offers on homes with decreased time that these residences spent on the market. Prices are hovering around what is typically expected in the area, indicating that Boulder and Denver remain some of the most sought-after places to live regardless of interest rate fluctuations.
As we shift into the transitional period between summer and fall, buyers may be seeking creative ways to secure a new home prior to the next quarter. On the other hand, sellers may look for unique, yet proven strategies to stand out amongst the competition. At milehimodern, we are honored to tell the distinct stories of every home and do so by utilizing the tech platforms and creative strategies that bring our clients win after win. For our buyers, we ensure that every avenue to success is explored so that the path to homeownership is as unique as our clients. Our fuel for success is the gratitude we feel to be your trusted real estate advisors.
Carmelo Paglialunga + Carla Thompson milehimodern owners
STATS
Median Price
The above Colorado data is based on counties statewide. The following Denver data is based on eleven counties in the Denver Metro Area: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park. The following Boulder data is based on Boulder County.
Colorado
SOPHISTICATED SYMMETRY ENCHANTING ESCAPE ORGANIC OPULENCE
APRIL $565,000 MAY $565,000 JUNE $575,000
denver
APRIL Active Sold Average Sold Price Days on Market STATS 3,257 2,590 $772,170 30 YOY 33.2% 29.7% 6.1% 233.3% YOY 31.5% 29.9% 1.8% 133.3% YOY 6.1% 22.7% 0.8% 109.1% MAY Active Sold Average Sold Price Days on Market STATS 3,720 2,900 $789,911 21 JUNE Active Sold Average Sold Price Days on Market STATS 4,400 2,956 $802,973 23
boulder JUNE Active Sold Average Sold Price Days on Market STATS 451 304 $1,148,436 44 YOY 18.9% 11.1% 2.4% 69.2% YOY 18.8% 28.3% 4.8% 103.8% APRIL Active Sold Average Sold Price Days on Market STATS 379 223 $1,147,982 53 MAY Active Sold Average Sold Price Days on Market STATS 442 275 $1,106,815 46 YOY 13.8% 19.1% 2.6% 119.0%
ULTRA-LUXURY Active Under Contract Sold Average Sold Price Days on Market $2M+ 881 154 137 $3,029,745 56 Q1 TO Q2 24.71% 19.91% 36.25% 2.57% 3.55% Q1 TO Q2 30.96% 27.22% 42.57% 0.56% 73.86% Q1 TO Q2 20.87% 47.34% 33.45% 1.583% 73.56% LUXURY Active Under Contract Sold Average Sold Price Days on Market $1M-$2M 1,575 618 597 $1,329,219 29 PREMIER Active Under Contract Sold Average Sold Price Days on Market $500K-$1M 5,573 3,385 3,363 $668,159 29
q2 average DENVER + BOULDER
milehimodern (mhm) is Colorado’s premier real estate brokerage focused on the artistry of living. We believe in connection first; every home has a soul-filled story to tell. Our purpose is to bring this story to light by discovering the artistic sizzle, the iconic value, the extraordinary architecture, or simply the narrative of a beautiful life lived in each property. Let us tell your story. who we are This data is collected from the following sources: Colorado Association of Realtors®, Denver Metro Association of Realtors® + REcolorado®. This material is based upon information that we consider reliable, but because it has been supplied by third parties, we cannot represent that it is accurate or complete. ©MileHiModern All Rights Reserved | 303.876.1073 milehimodern.com | MileHiModern® is a licensed trademark | An Equal Opportunity Company | Equal Housing Opportunity