milehimodern market report
DENVER + BOULDER Q.4 + YEAR-END 2022
the year of growth
Four years have passed since milehimodern (mhm) conceived a new vision of luxury leadership in the real estate industry. By focusing on how artistry, human connection and technology can together create an innovative approach to real estate, this vision became the catalyst to something greater: the forging of a new era in Colorado’s luxury home market; one in which our clients continue to celebrate win after win despite changes in the buying and selling landscapes. With mhm-crafted resources such as this Quarterly Market Report, buyers and sellers can dig into market trends and achieve their 2023 real estate goals with an informed approach.
In 2022 alone, our brokerage has grown to 180 brokers and has closed over 1,700 transactions, totaling roughly $1.74B in sales volume. These numbers not only demonstrate our clients’ desires for the highest level of representation — they also show how mhm continues to attract accomplished brokers who command excellence. We are grateful that, in four short years, we have expanded our footprint to four office locations throughout Denver and Boulder; and it is all thanks to the clients that trust us to be their guides.
Thank you for allowing us to serve you!
Carmelo Paglialunga + Carla Thompson milehimodern owners
STATS Colorado Median Price CAPTIVATING CHIAROSCURO SULTRY SYMMETRY PASSIONATE PATTERNS 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. OCTOBER $550,000 NOVEMBER $545,000 DECEMBER $530,000
OCTOBER
Active Sold
Average Sold Price Days on Market
STATS 5,444 2,332 $738,145 29
NOVEMBER
Active Sold
Average Sold Price Days on Market
STATS 4,572 2,050 $732,437 36
DECEMBER Active Sold
Average Sold Price Days on Market
STATS 3,407 1,920 $707,997 45
YOY 131.6% 40.1% 7.9% 107.1% YOY 216.6% 46% 4.2% 140% YOY 252% 42.8% 0.1% 136.8%
denver
OCTOBER
Active Sold Average Sold Price Days on Market
STATS 278 197 $1,016,705 45
YOY 9.4% 44.4% 1.2% 32.4%
NOVEMBER
Active Sold Average Sold Price Days on Market
STATS 144 185 $992,800 49
YOY 25.4% 41.5% 2.3% 36.1%
DECEMBER
Active Sold
Average Sold Price Days on Market
STATS 90 170 $965,610 62
YOY 26.2% 30.6% 2.1% 51.2%
boulder
ULTRA-LUXURY Active
Under Contract Sold
Average Sold Price Days on Market
$2M+ 740 89 91 $3,010,127 55
LUXURY Active Under Contract Sold
Average Sold Price Days on Market
$1M-$2M 1,391 342 379 $1,329,739 38
PREMIER Active Under Contract Sold
Average Sold Price Days on Market
$500K-$1M 6,488 2,128 2,357 $663,044 38
q4 average
DENVER + BOULDER
Q3 TO Q4 11.48% 47.01% 43.07% 2.37% 33.54% Q3 TO Q4 22.07% 69.17% 58.8% 0.58% 37.39% Q3 TO Q4 16.45% 58.74% 47.96% 0.93% 43.48%
q4 summary
Since Q3 2022, buyers have seen a gentle reprieve from the heated summer and fall months with increased days on market across the board, but it was still a competitive time to be searching for a home. The importance of working with an experienced, transaction-savvy broker has never been more prominent than within this historic moment of the industry.
Sellers are still experiencing advantageous numbers with lower inventory. Since last quarter, the Ultra-Luxury Market saw an 11.48% decrease in inventory. The Luxury Market and Premier Market followed suit with a 22.07% and 16.45% decrease, respectively.
year-end summary
The Colorado market finally began to show signs of balance with mortgage rates peaking at 7.08% last October. When compared to 2021, the average price decreased less than 1% in the Ultra-Luxury and Luxury markets, and increased by 1.24% in the Premier market, indicating that homes are keeping their value. With decreased days on market for homes in the Ultra-Luxury and Luxury Markets, it is clear that Colorado remains one of the most desirable places to live.
For us at milehimodern, 2022 was a chance to continue capturing market attention by providing the highest levels of service, savvy negotiation tactics and nationally recognized marketing. We expanded our footprint with not one, but two brick-and-mortar locations in Boulder, allowing us to elevate our service in these iconic locales. We also continued to grow our market share throughout Denver, representing some of the most high-profile sales in the area. As we approach 2023, our brokers continue to keep a pulse on the market so that our clients remain informed throughout their real estate journeys.
ULTRA-LUXURY $2M+ Active Sold
Average Sold Price Average Days on Market
LUXURY — $1M-2M Active Sold
Average Sold Price Average Days on Market
PREMIER — $500K-1M Active Sold
Average Sold Price Average Days on Market
2021 5,246 1,410 $3,002,337 62 2021 8,014 6,224 $1,332,381 34 2021 26,583 40,038 $657,673 18
2022 7,427 1,520 $2,977,051 45 2022 13,971 6,744 $1,328,663 26 2022 59,507 39,088 $666,983 22
YOY 41.57% 7.8% 0.84% 27.82% YOY 74.33% 8.35% 0.28% 24.26% YOY 123.85% 2.37% 1.42% 26.19%
year-end stats
DENVER + 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