Denver Real Estate Market Update July 2022

Denver Real Estate Market Update July 2022!

Michael Kozlowski ranked as high as the #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

HOUSING INVENTORY GROWS!!!

In January, we predicted that we could see two very different halves of the year, and that Inflation would be the determining factor for much of our Market change! As we analyze the Housing data for the Denver Metro Area at the close of June, and the first half of the year for 2022 we are seeing some fairly major changes right before our eyes.

The Media is reminding us daily that the Stock Market had a miserable first 6 months, that Cryptocurrency has fallen dramatically, and that Inflation is at the highest numbers since 1971, and Mortgage Rates have risen quickly, but the media has not shared how resilient the Real Estate Market is and has been this year! The strongest indicators in Housing continue to be Supply and Demand, and those fundamentals have not changed.

Let’s talk about Supply! We have heard about the “Shift in the Market”, and supply definitely made the biggest Shift in the last month.

- We ended June with 6,057 Active Listings on the Market, and that is 94% higher than June of 2021!

- New Listings in 2022 are almost the same as this time last year, so the other Shift was a slight decrease in Demand over the last 30-60 days!

Buyers seem to be willing to take a little pause on the market, and time will tell if it’s from a temporary burnout from a very difficult to compete market earlier this year, or possibly higher Mortgage rates or maybe just that Buyers wanted to enjoy the month of June and beginning of Summer. It is probably a combination of all three!

If you are a Seller, it is not a time to panic! You may have missed the Peak of the Market this year, but the market demand remains strong as Buyers need a home and a roof over their heads! Sellers, Pricing is the single most important decision when listing your home and is also based on your condition and location. Please take the time to prepare your home for showings and expect to realign your expectations just a little! The homes that show well, are still selling quickly with a realistic price but remember your Sold Comps may not be the best from March or April.

If you are a Buyer in this market and have been frustrated by the process and competition you can celebrate and get busy now. You don’t want to procrastinate buying your next home, as prices are normalizing but probably not going down substantially. You will want to reengage or get started again soon, as we can’t predict what Mortgage rates will do in the future and could easily go up again!

We will have about 1-1.5 month's supply of Inventory over the Summer and haven’t seen that much Inventory since June 2020!