July 2022 Denver Market Update
June data indicated that the Greater Metro Denver market is returning to more "normal" levels across inventory, percent closed to list price, and days on market. Pricing was still very high when viewed historically with the median sales price at $666,963 for June - while this is only a 0.1% increase when compared to last month it is an 11.2% increase when viewed YoY.
Active listings came onto the market, indicating that sellers still seek to profit from the recent buying frenzy. But, demand is down when compared to May 2022, and days on market continued to increase.
Supply - Active Listings
Continued good news for buyers is that active listings increased 44.2% when compared to last month.
June saw an increase in new listings when compared to May 2022, nearly identical to this time in 2021.
Demand - Pending Sales
Demand dropped when compared to last month and also when compared to last year. This is likely due to the increase in mortgage rates and economic news.
Average Price per SqFt Single-Family
The average price per square foot for single family homes dropped 0.6% when compared to May but is up 13.8% when compared to last year at this time. This data point is still historically high.
Average Days in MLS
Days on market saw a slight uptick to 10 days on average. While this is an increase of 11.1% when compared to last year and last month, it is close to 2021. This data point is below prior years.
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