2023 ECONOMIC FORECAST STILL THE YEAR OF TRUTH

As we assess the economic landscape of 2023, the real estate market's trajectory presents a compelling story, both on a national scale and within Colorado's Front Range. In 2021, the industry achieved an impressive milestone with over 6 million existing home sales across the U S, representing a near 20-year high However, as projected, 2022 experienced a market normalization with approximately 4 million sales, marking a significant 30% decline and returning to the long-term historical average dating back to 1968.

This normalization was influenced by a combination of factors which still remain largely unresolved half way through the year, including uncertainties stemming from aggressive monetary policies, geopolitical tensions, pending elections and regional natural disasters. Additionally, soaring home prices throughout the prio cycle, coupled with more recent interest rate increases, created notable affordability challenges, particularly for first-time homebuyers.

Despite these challenges, our outlook remains cautiously optimistic for the remainder of 2023 and beyond The real estate market is poised for a steady and progressive recovery, aligning with long-term historical trends and reflecting its resilience. On the Front Range, we anticipate measured yet robust growth, driven by solid economic fundamentals and prudent market dynamics

At Slifer Smith & Frampton, we take pride in our extensive experience since 1962, successfully navigating numerous market cycles. As we move forward into the second half of 2023, we are committed to serving your housing needs with expertise and innovation.

Fundamentally, the significance of partnering with a qualified professional cannot be understated Now more than ever, over 90% of homebuyers and sellers choose to leverage the expertise of agents, recognizing the substantial value they bring in navigating complex market conditions Emerging research suggests that even millennials view working with agents as a smart and strategic choice, further reinforcing the strength of the real estate industry.

In this ever-evolving economic landscape, we are well-positioned to capitalize on opportunities As we chart the course for the rest of 2023, Colorado's Front Range promises to be on the forefront of economic prowess and a favored destination for real estate investors and homeowners alike.

May 2023 serve your housing wants and needs in Colorado?s Front Range well

U S EXISTING HOME SALES (SAAR) LONG TERM TRENDS

POPULATION | 329,543

POPULATION GROWTH | +1187% SINCE 2010

MEDIAN AGE | 36 9

*UNEMPLOYMENT RATE | 2 6%

MEDIAN HOUSEHOLD INCOME | $87,476

AVERAGE COMMUTE TIME | 23.5 MINUTES

HOME OWNERSHIP RATE | 63 6%

*MEDIAN PROPERTY SALE PRICE | $842,250

IN THE KNOW...

5TIDBITSFROM THELOCALS

1. BRUNCH at Lucile's Creole Cafe

2. BROWSE vintage posters and historic maps at Art Source international

3 STROLL through the Boulder Farmers Market

4. LEAF PEEP on the Peak to Peak Highway

5. CHEER on the CU Buffs at Folsom Field