Uncategorized • August 22, 2022

July 2022 Denver Market Overview | Balanced

by Amy Smoldt

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

Market Stats • July 26, 2022

June 2022 Denver Market Overview | Shift

by Amy Smoldt

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

Market Stats • June 20, 2022

May 2022 Denver Market Overview | Inventory on the rise

by Amy Smoldt

Inventory is on the rise. Year over year, we saw an 11% increase in new listings. From April 2022 to May 2022 we saw a 13.98% increase in inventory, representing continued growth above our seasonal average. The month of May continued to see double digit appreciation year over year with a median sold price increase of 14%. With mortgage rates up, Buyer’s price range may change, demand may ease and many analysts expect more moderate growth in home prices.

Quick bullet points on the Denver Metro:

The median sold price for single family homes (including attached and detached) in May is $615,000 which shows a 14% increase over May 2021.
The median number of days on MLS in May 2022 was 4 days, which shows no change from last year in May.
New listings increased by 11% in May 2022 from this time last year.
May 2022 had 3652 active listings month end. Average active listings in May are 15,199 (from 1985-2021). Record high May was in 2006 with 30,457 listings and the record low was set last year with 2075 listings.
The historical average increase in active listings from April to May is 6.7%. This year (as noted above) we saw an increase of close to 14%.

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 .