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.
February 2022 Denver Market Update:
January 2022 ushered in continued low inventory coupled with the anticipation of rising interest rates. Prices remain high, up 9% for single family homes over this time last year. Anecdotally, we hear that housing competition remains fierce and that available homes are quickly going under contract. It will be interesting to see if inventory will increase earlier this Spring than it has in prior years given the high prices, incredible demand and still historically low rates.
Inventory Levels by Price Range
Looking at year over year, January saw just 270 homes under $500K. This is an 84% reduction from this time last year and a disappointment for metro area home seekers. In fact, there were 2,331 fewer homes on the market in January over last year.
Supply - Active Listings
This one is hard to believe. Active listings are down 68% over this time last year. There is almost no inventory. We hope to see these numbers go up this spring. Until then, buckle up for a wild ride if you're house hunting.
Much to the chagrin of home buyers, there were 712 fewer home on the market in January 2022 than last year. This amount is down 18% year-over-year and is the lowest number we have seen since we started keeping records in 2009.
Demand - Pending Sales
Pending sales are down which can be attributed to the ongoing lack of inventory. Overall, they are down 12% over this time last year.
Average Price per SqFt - Single Family
The average PPSF for Single Family homes is $276, an increase of 17% year-over-year. In the attached report you will also see PPSF for the Condo market.
Average Days in MLS
The average days in MLS dropped to 19, down 27% over 2021. This data point is well below prior years and indicates how quickly homes are going under contract in this tight market.
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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