May 2022 Denver Market Update:
April saw the average sales price increase to $820,740 and the median sales price jumped to $680,000. Buyers felt relief with an influx of new listings - April saw a jump of 13.2% in new inventory compared to March.
Demand remained high and at the same level as 2019 and 2021, but homes are moving very quickly with just 8 days on market, on average.
Anecdotally, we hear that competition remains fierce with multiple offers. We will continue to keep an eye on interest rates as we progress into May and the summer.
Supply - Active Listings
Active listings saw an increase to 2,960 - a 29.4% increase over March. While a relief for buyers, this number is still down as compared to the previous 3 years.
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