Denver Real Estate Market Update June 2022!
Monday, June 6, 2022
Michael Kozlowski #1 Individual RE/MAX Agent in the State of Colorado! Selling homes in 2022 up to $250,000 Over Asking Price! Check us out at: www.team-koz.com
In January, we predicted that the first half of this year would look different than the second half!
This looks to be coming true as the Denver Metro Real Estate Market may be a story of two halves. The first of the year with unprecedented appreciation and the second half of the year returning to some normalization.
SHIFT HAPPENS, and here is some evidence as we analyze the housing data for May!
- The Active Listings were at 3,652 which is 76% higher than a year ago!
- New Listings in May were at 6,810 up almost 9% from a year ago, so the Inventory shortage is beginning to improve.
- For the first time in a couple of years, we had almost a thousand more New Listings than we had Pending Sales for a 7 day period and that trend may continue.
- We have seen more Price Reductions and a slight increase in Days on the Market.
- We have seen more emails from Brokers and Builders announcing they have standing Inventory right now, and you won’t have to wait for a home to be built or compete with as many Offers!
- We have even seen some Seller Concessions Offered!
Demand is still very strong, but Buyers have become more patient in their approach as the cost of money has increased, and Buyers are trying a new strategy to wait for homes that don’t have Offers the first weekend on the market.
Sellers are sometimes in a panic if they don’t see an Offer the first weekend or the Showings are lighter than expected.
Here is the Good News if you are a Buyer today! Please get out and look for your new home right away, and be patient. You have the best chance of getting into your dream home now than you have seen all year, and much of the last two years! You will want to get into your forever home now, even though you may not be in your forever loan right now. Interest rates may improve over the next few years, and you will have a chance to refinance but home prices rarely go down.
If you are a Seller today, please price your home correctly and do everything possible to make it show well! The homes that are in a good location and show well are still selling quickly and for Top Dollar!
The Summer months and market move quickly, so get going and enjoy a great Colorado Summer!