Denver Real Estate Market Update December 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!
Wishing everyone a very Merry Christmas, Happy Hanukkah, Happy Kwanzaa and the entire Holiday Season!
We are witnessing the normal Seasonal shifts and slowdowns in the Real Estate marketplace during this Winter and Holiday Season, however we are also getting a front row seat to a general shift in the Real Estate market back to some normalization and balance after the Pandemic pricing and demand in the market over the last two years.
We have seen more homes go Under Contract in the last 7 days as we have seen New Homes Listed which shows us that the market is stabilizing. The market has been changing, but good houses, in good locations that show well and are priced correctly are still selling relatively fast!
Here are some stats at the end of November:
- There are currently 6,253 Active Listings, which is 178% higher than last year at this time.
- New Listings are down -8% YOY, and Closings are down -19.5% YOY, which is the biggest reason we have more Inventory.
- The Average Price of a Single Family Home is $771,000 YTD, and Condos/Townhomes are at $480,745 which is just over 11% Appreciation for the year!
- The main reason for the slowdown in Closings has been the rapid increase in Mortgage Rates that peaked above 7% a couple of months ago.
- The slight decrease for Inflation recently has given us a Christmas Gift with Mortgage Rates declining to plus or minus 6%!
Buyers, some of the best values and housing inventory you will see are right now! Please take advantage of this unique time.
Sellers, if you need to sell, your homes always look fantastic over the Holiday Season and if marketed properly by your RE/MAX Professional, it will sell!
Please stay tuned next month as we share our Top 10 Predictions for 2023!
Again, thank you so much for your trust and confidence and we wish each of you a very Merry Christmas and a Happy Holiday Season!
