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.
March 2022 Denver Market Update:
Home Values at an ALL-TIME HIGH!
The February market continued to be jaw-dropping with record-high prices and ongoing low inventory. The average price for single-family homes was up 18% year-over-year to $738,961. Additionally, the median price for single-family increased to $634,747 - up 21% YoY.
Supply - Active Listings
Active listings are down 62% compared to this time last year. Overall, Greater Metro Denver is seeing 1,877 fewer homes on the market. February saw 797 single-family homes on the market, a decrease of 54% as compared to this time last year, and 364 Condo/Townhomes on the market, a decrease of 72% as compared to this time last year. It is interesting to see condos/townhomes with far less inventory when compared to single-family.
The good news is that we are seeing new listings - February saw a 21% increase as compared to last month.
Demand - Pending Sales
Demand remained high in February and in line with 2019. There were fewer pending sales as compared to 2021 given the extremely low inventory.
Average Price per SqFt Single-Family
The average price per square foot for single-family homes was also at an all-time high, up 20% YoY. To offer some perspective, the average price per square foot just five years ago - in February 2017 - was $175.
Average Days in MLS
February continued to see a very fast-moving market. The average days in MLS was just 14 days, down 40% compared to last year at this time.
Percent of Closed Price to List Price
With the continued low inventory and high demand, buyers are willing to pay, on average, 105% over the list price. This is an increase as compared to January and 2021.
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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