Denver Housing Market Update | March 2022. The Denver housing market continues to amaze!
Denver was ranked number one for homes selling for over asking price! Sixty percent of the homes sold for over asking price and the average was 105%. Denver also ranked number one for annual appreciation at 19%, both of those statistics came from Corelogic.
What happened in the Denver Housing Market?
We had almost 4200 homes come onto the market and almost 4200 go under contract. That is up 20% from January and down 7.5% from last year. Remember Omicron slowed us down in December and January. I think we are going to make up for it this summer.
Where are we now?
Our average price is $647,776, that’s up 6.68% from January. Last February our average house price was $553,714.
With the uncertainty that Russia is creating in our world, our interest rates are going to continue to fluctuate. Buyers don’t try and time this, find the house you want. The right house will come at the right time and the rate will work out. You can evaluate in a year if you need to make an adjustment to your rate.
What’s coming to the Denver Housing Market?
Sellers between now and May is when we typically see the prices peak for the year. I’m not sure if this will hold true this year. If you are thinking of selling, now is the time to contact an agent (me). There is always more preparation than you realize.
The Denver Housing Market has its seasonal predictors:
Buyers come back to the Market after the Superbowl. This is true, I don’t think many of our buyers stopped this winter though. Omicron just slowed down the sellers.
Sellers will see more showings as our days get longer. Denver is ranking #1 of most showings across the nation. I don’t think we need more showings. We need more houses.
My Seller Tip:
Establish a great experience for you and the Buyer by giving the buyer a great house and as much information about the house as you can. By being forthcoming you will be rewarded in the end. If you want to wait until Monday for offers, tell the buyers when the house goes on the market.
My Buyer Tip:
Hire an agent who is a really good communicator. Start learning the pricing now and keep watching it so that when you find the right place, you are confident when making your offer.