June 2022 Denver Market Update:
May numbers indicate a slight cooldown of the red hot Greater Metro Denver market. The average close price was up when looking at year-over-year but dropped 2.1% when compared to April. The median sales price landed at $668,000 for May - a 1.6% decrease when compared to April.
Demand remains robust with pending listings up 12.9% when compared to April, further underscoring that Metro Denver remains a desirable place to live. And, buyers are likely feeling some (slight) relief with average days in MLS ticking up 12.5% when compared to last month to 9 days.
Key highlights for May are below.
Supply - Active Listings
Active listings are just above 2021 levels but did see a decrease of 3.5% when compared to last month.
May saw a slight decrease in new listings when compared to last month (a drop of 1.0%) but are up when compared to last year at this time.
Demand - Pending Sales
Demand remained high in May and increased 12.9% when compared to April. Of note, demand is at roughly the same level as both 2020 and 2021.
Average Price per SqFt Single-Family
The average price per square foot for single family homes dropped 1.6% when compared to April but is up 18.5% when compared to last year at this time.
Average Days in MLS
Days on market saw a slight uptick to 9 days on average. While this is an increase of 12.5% when compared to last month, it is still below 2021 and prior years.
Percent of Closed Price to List Price
Below is a deep dive look at the percent of the closed price to list price dating back to 2015. As you can see, 2021 and 2022 are well above any prior years. In fact, buyers in May were willing to pay, on average, 105.3% over the list price (a decrease of 1.6% when compared to April).
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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