May 2022 Denver Market Update:
April saw the average sales price increase to $820,740 and the median sales price jumped to $680,000. Buyers felt relief with an influx of new listings - April saw a jump of 13.2% in new inventory compared to March.
Demand remained high and at the same level as 2019 and 2021, but homes are moving very quickly with just 8 days on market, on average.
Anecdotally, we hear that competition remains fierce with multiple offers. We will continue to keep an eye on interest rates as we progress into May and the summer.
Supply - Active Listings
Active listings saw an increase to 2,960 - a 29.4% increase over March. While a relief for buyers, this number is still down as compared to the previous 3 years.
April saw an increase in new listings. New listings are ahead of 2020 and 2021 and saw an increase of 13.2% when compared to March.
Demand - Pending Sales
Demand remained high in April and increased 14.8% when compared to March. Demand is at the same level as what we saw in 2019 and 2021.
Average Price per SqFt Single-Family
The average price per square foot for single-family homes was also at an all-time high, up 19.8% YoY and up 1.9% as compared to last month.
Average Days in MLS
While new listings are coming onto the market, they are moving very fast. In fact, the average is just 8 days for April and the median days in MLS is 4 days for April, equal to April 2021 and March 2022.
Percent of Closed Price to List Price - All-Time High!
Buyers in April were willing to pay, on average, 107% over the list price (an increase of 0.5% as compared to March).
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