mi le h i m oder n mar ket report DENVER + BOULDER
Q.3
2023
creativit y rei g n s As we open the door into the final months of 2023, we look back upon the lessons we learned in the first three quarters of the balanced, yet perpetually growing Colorado real estate market. According to Bankrate.com, inflation across core sectors, including food and energy, informed the rise of interest rates in the third quarter of 2023. While these higher rates have lowered the buying power of home seekers, a strong job market has helped to balance the increased cost of borrowing money, especially in Colorado, where the unemployment rate remains below 3.0% compared to the national average of 3.5% (according to Colorado.gov). Another way buyers and sellers alike have ensured the forward momentum of Colorado’s real estate market is by partnering with well-informed industry advisors, whose creative negotiation tactics and marketing savviness bring forth win after win. These successes are quantified by steady increases in sale prices since Q2 2023, even with the added competition of growing inventory. Some sectors have experienced a slight increase in the number of days homes spent on the market, indicating a seasonality typical for the time of the year. However, the ultra-luxury market of homes listed for $4M or above saw a 25.19% decrease in days spent on the market since the second quarter. With the final months of 2023 looming ahead, transactional creativity may continue to be a proven approach to buying and selling real estate in Colorado. Seasoned real estate advisors, such as those backed by the support and education of milehimodern, showcase this creativity in their collaborative culture and vetted partnerships, opening up a world of possibility for their clients through unrivaled opportunities. As always, it is our honor to serve you and the communities in which we thrive.
Carmelo Paglialunga + Carla Thompson milehimodern owners
N AT U R A L B E A U T Y ORGANIC OPULENCE
S U LT R Y S Y M M E T R Y S TAT S
J U LY
AUGUST
SEPTEMBER
Colorado Median Price
$578,250
$579,999
$575,000
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.
J U LY
S TAT S
Active
4,597
18.6%
Sold
2,579
18.5%
$782,624
0.4%
23
64.3%
Average Sold Price Days on Market
AUGUST
S TAT S
YOY
YOY
Active
4,970
6.2%
Sold
2,632
16.5%
$782,462
4.8%
Days on Market
26
30.0%
SEPTEMBER
S TAT S
Average Sold Price
YOY
Active
5,435
6.3%
Sold
2,254
28.2%
$780,214
4.5%
29
3.6%
Average Sold Price Days on Market
denver
J U LY
S TAT S
Active
379
14.3%
Sold
294
3.9%
$1,070,395
6.2%
43
34.4%
Average Sold Price Days on Market
AUGUST
S TAT S
YOY
YOY
Active
370
1.9%
Sold
250
15.3%
$1,049,018
3.3%
Days on Market
46
12.2%
SEPTEMBER
S TAT S
Average Sold Price
YOY
Active
395
8.8%
Sold
227
26.5%
$1,024,024
3.4%
47
2.2%
Average Sold Price Days on Market
boulder
U LT R A - L U X U R Y
$2M+
Q2 TO Q3
Active
1037
15.02%
Under Contract
151
1.99%
Sold
132
4.05%
$3,074,817
1.47%
45
25.19%
Average Sold Price Days on Market
LUXURY Active
$1M-$2M 1,942
18.89%
Under Contract
540
14.51%
Sold
544
9.68%
$1,333,250
0.30%
35
15.38%
Average Sold Price Days on Market
PREMIER
$500K-$1M 6,994
20.32%
Under Contract
2,858
18.45%
Sold
2,984
12.68%
$674,002
0.87%
31
5.43%
Days on Market
q3 average +
Q2 TO Q3
Active
Average Sold Price
DENVER
Q2 TO Q3
BOULDER
who we are 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.
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 .