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Shift, transition, market cooling are all terms we are hearing now with regard to the real estate market. June metrics point to a significant shift in the market after policymakers approved the biggest interest rate hike in 28 years. The significant interest rate jump changed the purchasing power for many Buyers. Inventory is on the rise. The market is experiencing a transition. In the months ahead, we will see a more balanced market.
June 2022 set some records in the Denver metro area. Let’s have a look at those 2022 June records:
- June Median sales price. $615,000 represents the highest June on record. The previous record was 2021 of $545,000.
- June Average sales price. $719,210 represents the highest June on record. The previous record high was 2021 of $641,210.
- June Median days in MLS. 4 days represents a tie for the lowest amount on record. The previous record low was set 9 other times.
- June Average days in MLS. 10 days represents a tie for the lowest June on record. The previous record low was set in 2021.
Quick bullet points on the Denver Metro:
~ The median sold price for single family homes (including attached and detached) in June is $615,000 which shows a 13% increase over June 2021.
~ The median number of days on MLS in June 2022 was 5 days, which shows a slight one day increase from last year in June. Expect to see this number increase in the months ahead.
~ New listings decreased by 4% in June 2022 from this time last year.
~ June 2022 had 6057 active listings month end. Average active listings in June are 15,747 (from 1985-2021). Record high June was in 2006 with 31,900 listings and the record low was set last year with 3122 listings.
~ The historical average increase in active listings from May to June is 8%. This year we saw an increase of close to 65.85%. This is a significant increase.
The frenetic nature of the market the last year or so was not sustainable. I think it will take a little time for both Buyers and Sellers to re-adjust mindsets. The current market presents opportunity for both Buyers and Sellers. Please reach out with any questions. I am happy to help.
If you have any questions or would like to discuss selling or purchasing a property, contact me today at 303-949-9683 or Amy@MountainTimeRealEstate.com .
#RealEstate #MarketStats #DenverMetro #MountainTimeRealEstate
