October 2023 Market Update

The Colorado Front Range real estate market is displaying a mix of stability and growth as we close out October 2023. In a region known for its stunning landscapes and strong job sectors, housing trends are closely watched by both buyers and sellers. Single-family homes in several communities are experiencing noteworthy price increases, driven by factors such as new construction.

Our commitment to providing top-notch services to our clients is reflected in our monthly updates, where we analyze the previous month's market data and offer our expert insights on the current state of the luxury real estate market. Our expert insights pinpoint emerging trends and the pivotal factors shaping the market landscape. By offering these insights, we empower our clients with the knowledge they need to make informed real estate decisions.

Sales Price Comparison – October 2022 vs. October 2023

Real estate markets across the front range remain mostly stable, with some increasing in value year over year.

Outliers for improvement for single-family homes include: Berthoud at a 14.15% increase (driven by new construction costs), Broomfield at a 3.54% increase, and Fort Collins at a 2.11% increase year over year. Most other markets remain flat based on increased interest rates and lower buyer demand. Markets taking a harder hit (although not in every neighborhood) are Lafayette, with a 7.8% decrease in average sales price and Erie with a 2.14% decrease year over year.

Attached homes are seeing slightly better conditions with most markets ahead of last year. Outliers are Berthoud, with a 16.75% increase (also driven by new construction costs), Erie, with a 5.56% increase, and Estes Park, with a 3.88% increase year over year. Boulder saw a decrease of 12.44% for attached homes, and Timnath saw a 4.30% decrease. 

October 2023 Regional Statistics: Colorado Front Range

We are seeing inventory increase in many of our markets, which is good news for buyers who have been weary for much of the past decade. 

Although those increased inventory levels don't quite yet mean we're in a seller's market with deep discounts (6 months or more supply of inventory), we are seeing buyers with cash, strong down payments, working with a good lender and with no home to sell being able to negotiate favorable terms for their purchase, and at times, not competing with other buyers. 

What this means: Buyers are returning to the market, and homes are still selling well

Our markets are faring better than much of the nation, and it's no wonder: with our strong job sectors and desirable cities to live in, people are still flocking to our communities. 

Buyers are also returning to the market, so these market trends might not last long. Interest rates have dropped into the low-7 to high-6 percent range, which offers significant budget savings for savvy buyers. 

Sellers, with proper preparation (staging, professional photos, video, and home tours), good pricing strategy, and homes in good condition are still getting under contract quickly and for high values. MCM Collective has not changed our high-quality approach to marketing homes, and continues to offer full-service marketing for every listing. 

As experts in local markets all along Colorado’s central and northern Front Range, we are familiar with areas adjacent to high-priced markets like Boulder, Lafayette, and Timnath. Let us find your ideal home in a great location at the right price.

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