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For this year end market overview, we will take a quick annual look and then dig into December monthly stats.
First, Annual Update: 2022 was a tale of two markets. 2022 started with incredibly low inventory, incredibly low interest rates and intense buyer demand. It was a frenzy. Multiple offers, over list price, no inspection items and appraisal gaps were the norm. Homeowners realized 19.19% appreciation from January to April. Come mid-summer affordability and market uncertainty fuel an abrupt market change. Interest rates increased and buyer demand decreased. Median days on market increases and price reductions become a common theme. For 2022, Denver Metro peaked in April 2022 with an average single family detached home sales price of $819,090. Denver Metro ended the year with an average single family detached home sales price of $701,949.
The pandemic-driven frenzied market with historically low interest rates fueling record breaking years was not sustainable. The market as we head into 2023 is a more balanced market.
Next, a look at December. December historically is a cooler market and this year is no exception; even a little cooler. Closed home sales are down from both last month (November) and last year in December. December saw 59.4% of detached single family homes closing with price reductions averaging -7.8% from their original list price.
Bullet points with December stats:
~ The median sold price for single family homes (including attached and detached) in December is $554,990 which shows a 1.42% decrease from last month (Nov) and a 1.83% increase from December 2021.
~ The average number of days on MLS in December 2022 was 43 days, which shows a 26.47% increase from last month (Nov) and a 138.89% increase from last year in December.
~ Active listings at month end are 4757. This shows a 23.92% decrease from last month (Nov) and a 222.07% increase from last year in December.
~ Average active listings in December are 12,350 (from 1985-2021). The record high was in 2007 with 24,603 and the record low was last year at 1477. December 2022 shows active listings at month end of 4757.
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
