Denver Real Estate Market Update March 2022!
Michael Kozlowski ranked as high as the #1 Individual RE/MAX Agent in the State of Colorado! Selling homes in 2022 up to $151,000 Over Asking Price! Check us out at: www.team-koz.com
March Madness is always a College Basketball Theme this time of year, but this year it is more applicable to our Denver Metro Real Estate Market! We are surely living in a time of Global uncertainty, yet the Real Estate Market continues to be a pillar of strength throughout our Economy.
What will it take to see a little slowdown in Buyer Activity? Currently, we have a War in Ukraine, historically high Inflation including Gasoline over $4.00 a gallon, and Interest rates at plus or minus 4% and the market is still moving right along! Typically, this would be enough to affect consumer confidence a little, but recently CoreLogic ranked Denver as the number one metro nationwide with 60 percent of all homes sold last month selling over the asking price! Denver’s average Showings/Listing Ratio was 25.15 showings!
- Our Active Listings at the end of February were 1,226 which is -39% less than a year ago, but over the last couple of years our New Listing Inventory was about the same as the year before.
- We have seen 7,671 New Listings this year, and that is down -12.44% from the same time last year!
Buyers truly have less Inventory to look at this year, which is why our Closed Homes at the end of February is 6,241 also down -13% from the same time last year!
This lower Inventory combined with the Hyperactive Buyer Activity this year has some economists predicting we will see a 19% Annual Appreciation.
We believe that March will surely bring many more New Listings to the Market, and we may see some changes in consumer behavior from Buyers especially in the Luxury Markets as they use financial resources tied to the Stock and Cryptocurrency markets, which are volatile since the conflict in Ukraine. We may also see some relief with lower interest rates, as the Equities Markets move to the safer Bond markets that are tied to long term Mortgage Rates.
Buyers, please stay the course as New Inventory is on the way and you may see one home sell for $10,000 under asking price and another sell for $100,000’s over asking price! The difference between the two is usually Location and Condition. Be flexible with your search parameters! Sellers, we will not only counsel you on the Sold Comps in your area, but also give you guidance on what they really mean.
Our goal is to give you options for how to increase your value in the market, and sometimes increase it a lot! The market is very emotional, but the data still matters and we have the knowledge and experience to help you make great decisions!
Enjoy the snowy month of March with the wonderful anticipation of the warm Spring and Spring Market ahead!
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