Despite higher interest rates, prices did not decrease like many people thought. They certainly have not crashed like many thought.
Average prices along the Front Range have seen only a slight decrease versus last year.
The average price in May this year has decreased versus May of last year by:
2.5% in Larimer County
3.2% in Weld County
2.8% in Metro Denver
When we take a closer look, what is apparent is that average prices have decreased based on the type of properties that are selling versus last year.
Specifically, there were more $1,000,000 – plus homes selling a year ago versus today. Those higher-end transactions in 2022 increased the average price.
In May of 2023, $1,000,000- plus transactions decreased versus May of 2022 by:
33% in Larimer County
29% in Weld County
35% in Metro Denver
So, we don’t see that prices have gone down. We see that average price has slightly decreased because they aren’t as many luxury sales pulling up the average.