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Fall is in the air. Cool weather mornings greet me as I walk the dog and realize I now need a sweatshirt. The market has cooled as well. Part of this is seasonality of the market, and part is the shift in the market. I like how Andrew Abrams begins the DMAR Expert Opinion “As a new school year begins, it brings change and transition. Traffic flows differently, restaurant reservations vary and weekend activities intensify. The transformation from summer to fall also holds true in Denver Metro’s housing market.” It is helpful to look at both month over month comparisons and year over year comparisons. The median sales price decreased 2.54 percent from the previous month while year-to-date, the Denver Metro is up 8.49 percent in median sales price.
More quick bullet points on the Denver Metro:
~ The median sold price for single family homes (including attached and detached) in August is $575,000 which shows an 8% increase over August 2021.
~ The median number of days on MLS in August 2022 was 11 days, which shows a six day increase from last year in August.
~ New listings decreased by 15% in August 2022 from this time last year.
~ August 2022 had 6939 active listings month end. Average active listings in August are 15,900 (from 1985-2021). Record high August was in 2006 with 31,664 listings and the record low was set last year with 3582 listings.
~ The historical average decrease in active listings from July to August is 1.32%. This year we saw an decrease of 5.73% which is a healthy decrease in housing inventory.
~ Seller concessions are on the rise. In July 2022, 29.2% of the properties that closed paid a seller concession. This shows a 6.3% increase from the 22.9% in July 2021.
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
