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The residential real estate market in Lakewood, Colorado, in February 2023 was marked by several significant trends and developments. In this blog post, we will delve into these trends, exploring what is driving them and what they mean for buyers and sellers in the Lakewood market.
Rising Prices
One of the most significant trends in the February 2023 Lakewood residential real estate market was the continued rise in home prices. This trend has been ongoing for several years, but it shows no signs of slowing down. In February 2023, the median home price in Lakewood was $625,000, up from $600,000 in February 2022. This represents an increase of 4.2% in just one year.
The rising prices in Lakewood can be attributed to several factors. First, there is strong demand for housing in the area, particularly among younger buyers. Lakewood is an attractive location for families, with good schools, outdoor activities, and easy access to Denver.
Second, the inventory of homes for sale in Lakewood is limited, which is driving up prices. In February 2023, there were just 300 homes for sale in Lakewood, down from 350 in February 2022. This represents a decrease of 14.3% in inventory in just one year.
Limited Inventory
The limited inventory of homes for sale in Lakewood is a significant trend in the market. As mentioned earlier, there were just 300 homes for sale in February 2023, down from 350 in February 2022. This represents a decrease of 14.3% in inventory in just one year.
The limited inventory is a result of several factors. First, many homeowners are choosing to stay in their homes longer, in part because of rising home prices. Second, there is a lack of new construction in Lakewood, which is not enough to keep up with demand. This lack of new construction is driving up prices and contributing to the limited supply of housing.
Competitive Market
The limited inventory of homes for sale in Lakewood is also contributing to a competitive market for buyers. In February 2023, homes in Lakewood were selling quickly, with the average home staying on the market for just 20 days. This is down from 25 days in February 2022.
In a competitive market, buyers must act quickly to secure a home they are interested in. This can mean making an offer above the asking price, waiving contingencies, and even offering cash. Buyers who are not prepared to compete in the market may find themselves struggling to find a home that meets their needs.
Luxury Market
Another trend in the February 2023 Lakewood residential real estate market was the strength of the luxury market. Luxury homes, defined as homes priced at $1 million or above, were selling quickly and at record prices. In February 2023, the average sale price for a luxury home in Lakewood was $1.8 million, up from $1.5 million in February 2022.
The strength of the luxury market in Lakewood is driven by several factors. First, there is strong demand for luxury homes among wealthy buyers, particularly those looking for a second home or a vacation home. Second, Lakewood has a reputation as a desirable location, with good schools, outdoor activities, and easy access to Denver.
Impact of COVID-19
COVID-19 has had a significant impact on the residential real estate market in Lakewood. The pandemic has led to an increase in remote work, which has made it easier for buyers to relocate to Lakewood from other parts of the country. Additionally, the pandemic has led to an increase in demand for homes with outdoor space, as people look for more room to
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