After a completely insane two years of the market with pandemic-driven frenzy and historically low interest rates fueling record breaking years, the end of 2022 was crickets.  We wondered what the new year would bring.  Being out in the market, talking to colleagues and taking a look at January numbers all point to the Denver Metro housing market having a solid start to the year. There was an uptick in both buyer and seller activity. The number of listings that moved from Active to Pending status increased nearly 50% from December, which likely points to increased closings in the upcoming months.

Median Closed prices have been declining following their peak in the spring of 2022. They dipped again in January and are now 14% lower than the 2021 peak.  The median closed price in January was 4% lower than the median list price.  Inventory remains low.

Bullet points with January stats:

~ The median sold price for single family homes (including attached and detached) in January is $536,500 which shows a 3.33% decrease from last month (Dec) and a 1.11% decrease from January 2022.

~ The average number of days on MLS in January 2023 was 46 days, which shows a 6.98% increase from last month (Dec) and a 130%  increase from last year in January.

~ Active listings at month end are 4120.  This shows a 13.39% decrease from last month (Dec) and a 248% increase from last year in January.

~ Average active listings in January are 12,429 (from 1985-2021).  The record high was in 2008 with 24,550 and the record low was last year at 1184.  January 2023 shows active listings at month end of 4120.

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 .

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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

It has been a real estate roller coaster of a year.  With the continued cooling in November, it is hard to believe that six months ago homes were selling in a day, for over list price with no inspection items and appraisal gaps.  The market has certainly changed.

The average days in the MLS  increased 20 percent month-over-month to 36 days; a 140% increase from this time last year.  Median sales price continues to see an increase year over year, but we are no longer seeing the double-digit growth that we experienced earlier this year and last. More than half of the homes that sold in November had a closing price that was lower than the original list price.

Quick bullet points on the Denver Metro:

~ The median sold price for single family homes (including attached and detached) in November is $567,000 which shows an 6% increase over November 2021.

~ The median number of days on MLS in November 2022 was 22 days, which shows a 17 day increase from last year in November.

~ New listings decreased by 28% in November 2022 from this time last year.

~ Average active listings in November are 13,858 (from 1985-2021).  The record high was in 2006 with 27,530 and the record low was last year at 2248.  November 2022 shows active listings at 6253.

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

Continued cooling marked the October Denver Metro housing market as activity slowed for both buyers and sellers.  There were double-digit decreases in both closed and pending listings when compared to last year.

Median sales price continues to see an increase year over year.   When looking at the more recent months in our current 2022 year, median sales prices have decreased 8.5% since their peak in April when homes were closing a median of 6% above original list price. In a mere six months, October homes closed at a median of 2.9% below the original list price.

Quick bullet points on the Denver Metro:

•  The median sold price for single family homes (including attached and detached) in October is $567,000 which shows an 6% increase over October 2021.
• The median number of days on MLS in October 2022 was 18 days, which shows a 13 day increase from last year in October.
• New listings decreased by 28% in October 2022 from this time last year.

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 .

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