milehimodern market report - q4 + year end

mi le h i m oder n mar ket report DENVER + BOULDER

Q.4 + YEAR-END

2023

creative navigation This year, milehimodern (mhm) celebrates its fifth anniversary of artistry and luxury leadership in the Colorado real estate industry. With a dedication to providing the highest levels of service through human connection, our firm has consistently ranked amongst the nation’s top brokerages and is recognized as the area’s authority in luxury real estate. These achievements are backed by a long list of client wins — accomplishments attained with the guidance of brokers devoted to their communities. As the buying and selling landscape continues to evolve, we are thrilled to provide market insight with this edition of the mhm Quarterly Market Report. Through this resource, our goal is to equip our clients with the knowledge of trends and seasonality so that they can make informed decisions, bringing them closer to their 2024 real estate goals.

This past year was a lesson in creativity and navigation as the market balanced and created increased competition between buyers and sellers alike. milehimodern adapted to these swift market shifts with innovative approaches that allowed us to grow our market share while the industry as a whole either plateaued or dipped slightly below the average. In 2023, we grew to 207 brokers, closed 1,867 transactions and achieved a remarkable $1.82B in sales volume. These figures underscore mhm’s mission to provide the highest representation and the magnetic draw of our brokers’ artistic lenses.

Thank you for allowing us to serve you!

Carmelo Paglialunga + Carla Thompson milehimodern owners

OCTOBER

Colorado Median Price $579,999

D E S I G N E R D E TA I L S L AV I S H L AY O U T

T I M E L E S S TA I L O R I N G S TAT S

NOVEMBER

DECEMBER

$544,750

$549,950

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

S TAT S

YOY

Active

5,435

2.8%

Sold

2,395

15.3%

$773,913

4.6%

Days on Market

29

6.7%

NOVEMBER

S TAT S

Average Sold Price

YOY

Active

4,572

3.7%

Sold

2,191

14.4%

$732,294

0.9%

36

5.6%

Average Sold Price Days on Market

DECEMBER

S TAT S

YOY

Active

3,505

2.9%

Sold

1,850

8.8%

$733,116

3.7%

46

4.5%

Average Sold Price Days on Market

denver

OCTOBER

S TAT S

YOY

Active

269

5.9%

Sold

236

11.8%

$1,102,473

10.0%

Days on Market

53

15.2%

NOVEMBER

S TAT S

Average Sold Price

YOY

Active

192

28.0%

Sold

181

4.2%

$1,135,715

14.9%

60

20.0%

Average Sold Price Days on Market

DECEMBER

S TAT S

YOY

Active

118

32.6%

Sold

183

7.0%

$937,426

2.8%

76

20.6%

Average Sold Price Days on Market

boulder

U LT R A - L U X U R Y

$2M+

Active

912

3.40%

Under Contract

104

48.55%

Sold

101

36.09%

$3,201,371

5.36%

72

21.40%

Average Sold Price Days on Market

LUXURY Active

$1M-$2M

4.83%

Under Contract

362

70.81%

Sold

380

56.88%

$1,333,803

0.34%

50

41.33%

Days on Market

PREMIER

$500K-$1M

Q3 TO Q4

Active

6,404

12.97%

Under Contract

2,055

64.71%

Sold

2,219

51.56%

$665,593

0.39%

44

34.09%

Average Sold Price Days on Market

q4 average +

Q3 TO Q4

1,655

Average Sold Price

DENVER

Q3 TO Q4

BOULDER

q4 summary Since Q3 2023, buyers have seen a gentle reprieve from the heated summer and fall months with increased inventory and days on market across the board, but with luxury prices hovering slightly above last quarter’s average, Q4 was still a competitive time to seek a new home. As we shift into a new year, buyers may wish to revisit their offer and negotiation strategies with the help of an informed and savvy broker.

Like buyers, sellers may have to adapt their market strategies to stand out amongst increased levels of available inventory. Since last quarter, the days that homes priced above $2M spent on the market increased by 21.40%, while the Luxury Market and Premier Market saw a 41.33% and 34.09% increase, respectively.

year-end summary Year over year, one constant has remained the same: buyers and sellers alike can find success in the competitive Colorado market with a combination of informed adaptability and the help of a skilled real estate broker. When compared to last year, home prices have hovered at or slightly above the average even though rates shifted between 6.48% and 7.79% throughout 2023. This indicates that buyers are still willing to compete for homes in the Centennial State; though sellers may need to highlight the remarkable features and the iconic value of their homes to stand out in the market.

For us at milehimodern, 2023 was a chance to continue capturing market attention by providing the highest levels of service, savvy negotiation tactics and award-winning marketing. Our brokers represented some of the most high-profile sales in the area, showcasing their deep knowledge of the local market and their ability to uncover a home’s true value. As we approach 2024, our goal to serve our clients at the highest levels remains at the forefront; and we will continue to honor that mission through innovation and top-tier representation.

ULTRA-LUXURY — $2M+

2022

2023

Active

7,427

10,479

41.09%

Sold

1,520

1,370

9.87%

$2,977,051

$3,103,397

4.24%

45

58

29.24%

L U XURY — $1M -2M

2022

2023

Active

13,971

18,782

34.44%

Sold

6,744

5,591

17.10%

$1,328,663

$1,333,233

0.34%

Average Days on Market

26

41

61.76%

PREMIER — $500K-1M

2022

2023

Active

59,507

70,143

17.87%

Sold

39,088

32,411

17.08%

$666,983

$666,331

0.10%

22

39

74.34%

Average Sold Price Average Days on Market

Average Sold Price

Average Sold Price Average Days on Market

YOY

YOY

YOY

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 .