Lakewood, Colorado Real Estate Market Update: An In-Depth Analysis for 2023
Lakewood, a key part of the Metro Denver area, is witnessing notable shifts in its real estate market. This blog post combines insights from the “Metro Denver Market Review: Zip Code Appreciation” report and the latest “Metro Denver Market Review Weekly Report” to offer a comprehensive analysis of current trends in Lakewood’s real estate market.
The Evolution of Lakewood’s Real Estate Market
2022: A Year of Robust Growth
In 2022, Lakewood’s real estate market saw considerable appreciation in home values. This period was marked by high demand, with several areas experiencing significant appreciation rates. For example, the 80007 zip code reported a 14.6% increase, highlighting a strong seller’s market.
2023: A Shift in Dynamics
The trend in 2023 took a different turn:
- Zip Code 80002: Appreciation fell to 0.1% from 11.6% in 2022.
- Zip Code 80003: Saw a decrease from 13.2% to -1.5%.
- Zip Code 80004: Dropped from 11.5% to -3.3%.
- Zip Code 80005: Decreased from 9.9% to -0.8%.
- Zip Code 80007: Maintained a growth of 2.3%, down from 14.6%.
The latest weekly report shows:
- A slight decrease in active listings by 0.8%.
- A 20.7% increase in pending transactions.
- An increase in odds of selling by 4.2%.
- An increase in showings by 14.5%, with an average of 2.7 showings per property.
Factors Influencing the Market Shift
- Economic Changes: Interest rates, inflation, and employment rates.
- Market Saturation: Post-growth stabilization.
- Buyer Behavior: Post-pandemic lifestyle changes.
- Local Developments: Zoning laws, construction projects, demographic shifts.
Implications for Stakeholders
- Sellers: Need for competitive pricing and property enhancements.
- Buyers: More negotiating power and choices.
- Real Estate Professionals: Adaptation in marketing and advisory services.
Lakewood Real Estate Market 2024
The Lakewood real estate market is undergoing significant changes, requiring stakeholders to adapt and make informed decisions. Understanding these trends is key for successful transactions in this dynamic market.
- Market Dynamics: The Metro Denver real estate market, including Lakewood, is gaining momentum due to shifts in supply and demand.
- Active Listings: The average daily active listings were slightly down by 0.8%, with a total of 4615 listings, including 810 new listings.
- Pending Transactions: There was a 20.7% increase in pending transactions week-over-week, with 888 listings going under contract.
- Odds of Selling: The odds of selling increased by 4.2% to 53.0% for listings in the last week, with a slight historical trend of lower odds of selling but a quick pickup.
- Showings and Contracts: The market saw 12649 showings last week, up 14.5%, with an average of 2.7 showings per property and 14 showings to go under contract.
- Price Reductions: The rate of price reductions decreased to 36.8%, with the size of reductions being slightly smaller at -5.1% off the original price.
- Zip Code 80002 saw a dramatic change, from an 11.6% increase in 2022 to a marginal 0.1% increase in 2023.
- Zip Code 80003 experienced a decrease from 13.2% appreciation in 2022 to -1.5% in 2023.
- Zip Code 80004 also followed this trend, moving from an 11.5% increase to -3.3%.
- Zip Code 80005 showed a decrease from 9.9% in 2022 to -0.8% in 2023.
- Interestingly, Zip Code 80007 bucked the trend slightly, maintaining a positive appreciation rate of 2.3%, albeit lower than the previous year’s 14.6%.
FAQ
Q: Is Lakewood still a good real estate investment? A: Despite cooling, Lakewood remains attractive. Investment decisions should be personalized.
Q: How should sellers approach the market? A: Focus on standout features and competitive pricing in a changing market.
Q: What opportunities exist for buyers in Lakewood? A: The current market offers more room for negotiation and diverse property options.
Jenny Baghaen
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