April 2022 Denver Market Update:
HOME VALUES ARE AT AN ALL-TIME HIGH!
March continued the trend of very high demand, an overall shortage of inventory, and skyrocketing home prices. The Spring market is starting with a big bump in new listings - March saw an increase of 42.4% as compared to last month - but they are moving very quickly with just 11 days on market, on average.
Buyers are facing high prices - the average price for a single-family home in March was $793,445 (an increase of 8% over last month) and the percent closed price to list price jumped to an astounding 106.5% from 104.8% from February. In March, 21% of closings were cash buyers.
Supply - Active Listings
Active listings saw an increase of 31.6% over February - a welcome sign for buyers - but this number is still down as compared to the previous 3 years.
March saw an increase in new listings. New listings are in-line with 2019 and saw an increase of 42.4% when compared to February.
Demand - Pending Sales
Demand remained high in March and increased 26% when compared to February.
Average Price per SqFt Single-Family
The average price per square foot for single family homes was also at an all-time high, up 23.1% YoY and up 5.1% as compared to last month.
Average Days in MLS
While new listings are coming onto the market, they are moving very fast. In fact, the average is just 11 days for March.
Percent of Closed Price to List Price - All-Time High!
Buyers in March were willing to pay, on average, 106.5% over the list price (an increase of 1.7% as compared to February). This number peaked much earlier in the year than normal.
Interested in Selling Your Home?
If you are considering selling your home, we would love the opportunity to earn your business. Simply complete the quick form below and we will get in touch with you ASAP,
If you need help navigating this market, call us at (303) 532-4742. Buyer fatigue is real at the moment, with lots of buyers giving up on their search. Sellers are getting bad advice, listing with no plan or execution. When you work with us, you are working with the very best Denver real estate agents. Don't leave such a huge financial decision to chance.
Reports based on data from REColorado®, Inc.
GREATER METRO DENVER INCLUDES THE FOLLOWING COUNTIES:
- Arapahoe, Adams, Broomfield, Denver, Douglas, Elbert and Jefferson
- Reports are based on information from REColorado®, Inc. for the period shown in title. Note: This representation is based in whole or in part on content supplied by REColorado®, Inc. REColorado®, Inc. does not guarantee nor is in any way responsible for its accuracy. Content maintained by REColorado®, Inc. may not reflect all real estate activity in the market. •Information deemed reliable but not guaranteed.
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Mortgage Data Source: Freddie Mac