August 2022 Denver Market Update
As anticipated, given the increase in mortgage rates and recent economic news, July saw a bump up in active inventory, a drop in pending listings and an increase in days on market. Prices decreased when viewed month-over-month but were still high when viewed historically, with the median sales price at $650,000 for July.
These data points indicate that now might be a good time for buyers to make a move if they have been holding out. While July does tend to slow down in real estate, anecdotally, we hear that another contributor to slowing demand was an uptick in vacations this July versus last year at this time.
Supply - Active Listings
Continued good news for patient buyers is that active listings increased 10.9% when compared to last month.
July saw a decrease in new listings when compared to last year at this time. This data point was nearly identical to this time in 2019.
Demand - Pending Sales
Demand dropped when compared to last month and also when compared to last year. Pending listings are well below prior years.
Average Price per SqFt Single-Family
The average price per square foot for single family homes dropped 4.9% when compared to last month, but is up 9.0% when compared to last year at this time.
Average Days in MLS
Days on market saw an increase to 13 days on average. This was an increase of 30.0% when compared to last month, which was at 10 days on average.
Percent of Closed Price to List Price
This data point saw a significant drop when compared to last month, dropping down from 103% to 100.9%. This number is fast-approaching the years 2015 - 2020.
Posted by Neil Walton on