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Denver Real Estate Update Summary For 2022

Home For Sale In Denver

Below are key market highlights from December for the Greater Metro Denver area (Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert and Jefferson). The Greater Metro Denver real estate market saw ups and downs throughout 2022, most notably across inventory, days on market, pending sales, prices and interest rates. Inventory and days on market dominated headlines in the first part of the year but were overtaken by interest rates mid-year. Active listings (ASF and DSF) were at a low point in February 2022 at 1,148 listings, which spiked to 7,465 in July and landed at 4,585 in December. Months supply of inventory (DSF & ASF) was at 1.13 months in December - up 215.74% year-over-year. Days on market fluctuated in 2022 ranging from 8.5 days (April) to 41 days (December). As the year came to a close, there was a bit more of a re-balance across most data points in contrast with the frenetic pace of the prior two years.

Average Sales Price

The average sales price in December for detached single family (DSF) homes decreased 3.28% month-over-month to $702,302 and attached single family (ASF) homes were also down 0.30% month-over-month to $466,092.

Average Days in MLS

The average days in MLS for both detached and attached in December in the metro area jumped up 26.15% when compared to the prior month to 41 days.

Active Listings

Active DSF listings in December in the metro area were down 35.15% when compared to last month to 3,288 homes, and active ASF listings were down 31.41% month-over-month to 1,297 units.

Pending Listings

Pending listings in December for both DSF and ASF in the metro area were at 2,328, down 10.22% when compared to last month and down 24.17% YoY.

Closed Listings

Sold listings (ASF and DSF) were down 6.63% when compared to last month and down 39.18% when compared to last year to 2,745.

If you are thinking about selling, NOW is the time.  We are forecasting some additional downside in the market due to interest rates that are higher than normal, so getting in front of the additional inventory that will hit the market in the next few months is key.  If you would like a deep dive analysis on your home or neighborhood to see what values have done over 2022, please let me know.

Doug Young - Managing Broker
doug@tctrealestate.com
Mobile: 623.210.0902
www.dougyoungre.com

 

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