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July data is in and the data confirms that the Denver Metro area is no longer in a shifting market. It has actually already shifted to a more balanced real estate market. It is helpful to look at both month over month comparisons and year over year comparisons. Month-over-month, the market is down 3.33 percent. Year over year, the market is up 11.04 percent.
Demand has dipped due to high prices and rising interest rates. As a result, prices have stabilized, and many homes are staying on the market longer.
Yes, the market has cooled, but housing inventory in Denver remains low, as these bullet points demonstrate:
- July 2022 had 6334 active listings month end. Average active listings in July are 15,971 (from 1985-2021).
- Denver’s housing vacancy rate is among the nation’s lowest.
More quick bullet points on the Denver Metro:
~ The median sold price for single family homes (including attached and detached) in July is $595,000 which shows an 11% increase over July 2021.
~ The median number of days on MLS in July 2022 was 6 days, which shows a slight two day increase from last year in July. Expect to see this number increase in the months ahead. Also, to note the average days on market in July 2022 was 13 (more than double the 6 days of the median number).
~ New listings decreased by 12% in July 2022 from this time last year.
~ July 2022 had 6334 active listings month end. Average active listings in July are 15,971 (from 1985-2021). Record high July was in 2006 with 31,989 listings and the record low was set last year with 4056 listings.
~ The historical average increase in active listings from June to July is 4.35%. This year we saw an increase of 21.53%.
The frenetic nature of the market the last year or so was not sustainable. A more balanced market is more healthy. 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
