November 2022: Denver Real Estate Market Update

Both seasonality and increasing interest rates played a role in the Greater Metro Denver housing market in October. Buyers continued to have an upper hand - when compared to the prior two years - with more days on market and a decreased percent closed price to list price, as well as more inventory. In fact, months supply of listings was up 88.9% when compared to last year at this time.

Percent of Closed Price to List Price

This data point saw a continued drop and was down 0.1% when compared to last month. This data point is the lowest we have seen in 4 years.

Supply - Active Listings

Active inventory was up 60.2% year-over-year and down 10.1% compared to last month.

New Listings

New listings were down 28.1% when compared to last year and down 26.6% when compared to last month. This data point is the lowest we have seen in 4 years and is likely due to a "wait and see" approach by sellers.

Demand - Pending Sales

Demand is down 41.3% year-over-year and down 9.1% when compared to last month.

Average Price per SqFt Single-Family

The average price per square foot for single family homes is equal to last month, and is up 4.5% when compared to last year at this time.

Average Days in MLS

Days on market saw a dramatic increase to 28 days on average and is roughly equal to what we saw in 2018. This was an increase of 7.7% when compared to last month, which was at 26 days on average.

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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.

Mortgage Data Source: Freddie Mac

Posted by Neil Walton on November 4th, 2022