Not What Many Thought

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.