Denver Real Estate Market Update September 2022!
Michael Kozlowski Ranked as high as the #1 Individual RE/MAX Agent in the State of Colorado! Selling Homes for as High as $250,000 Over Asking Price in 2022!
THE FALL MARKET HAS ARRIVED!
We just celebrated the Labor Day Holiday, and the unofficial end to Summer and a return to more disciplined lives. Nearly all of the major categories in the Denver Metro Real Estate Market are pointing towards the market slowing down, as Price Reductions are on the rise and Seller Concessions for Buyers have increased.
- For the first time since July 2020 the Closed Price to List Price Ratio in under 100 percent!
The Chief Economist for the National Association of Realtors, Lawrence Yun said “We are witnessing a housing recession in terms of declining home sales and home building, but it’s not a recession in home prices.”
Let’s talk about the numbers at the end of August 2022!
- Active Inventory went down from last month to 6,939 Residential Homes, but is still 93% higher than a year ago and Single Family Home Inventory is 114% higher than this time last year.
- Closed Homes in August were down 30% from August 2021, and Closed Homes Year to date are down 14%.
- The Average Price of a Single Family Home was $780,704 and that is 13.47% higher than a year ago with Condos/Townhomes averaging $481,413 which is 12.10% higher than August 2021.
The rate of appreciation continues to decline slightly YTD, but is still holding steady.
Our sense of this market is the early Summer slowdown has created a small increase in Buyer demand, and we should see an increase in Buyer activity in September and early October. The impact on the market is Buyers are ready to buy again, but are being more patient while they look at homes, and the decision to make an Offer.
Buyers: please be ready to be decisive if you like the home, as you may be competing again soon.
Sellers: please take advantage of a potential uptick in Buyer activity and price and prepare your home properly.
Enjoy a Colorful Colorado Fall!
