Denver Housing Market Update for December 2022. Some statistics are up, some are down and others seem to be spinning round right round, round, round.
We are selling fewer houses each day as the year comes to an end. The media is confused the resellers are confused. Buyers are ready but they aren’t settling.
Some houses are still seeing multiple offers, some are selling on the first weekend on the market. Others are sitting and that is confusing many.
Denver Housing Statistics
Days on market for the 11 counties in the Denver metro area is 34, which is up from last month and last year but similar to 2019 – pre pandemic.
Inventory is 6253, which is down from last month and up from a year ago, a little less than in 2019.
New properties to the market were 2678, down from last month up down from last year.
Under contract 2824, we put more under contract than came on the market. That number is down from last month and last year.
Interest rates are down about a point from last month approximately 2 points higher than last year.
It is normal for all of those numbers to be down from the month before in December.
Buyers’ mortgage applications are up. That is also normal, we tend to see people planning ahead for the next year at this time of year.
The average price in the Denver Metro Area is $657,000. That is for single-family and attached homes combined. It is about the same as the month prior and up almost 12% from last year.
A normal yearly increase would be between 3-5% so that hasn’t normalized yet but the first half of 2022 was still the crazy pandemic market.
If you haven’t started yet, it is time. if you are thinking of selling next year start making a list of things you need to do. You can’t get away with things sellers got away with in 20202 and 2021. I’d love to help you decide what is most important for your home.
Buyers the competition is revving up. It is still a seller’s market everywhere except downtown. But that doesn’t mean our sellers are getting top dollar.
The Denver housing market is moving, it is slower than the previous 2 years but people are still selling and buying properties.