The Denver Housing Market Update for May 2022 brings us the spring numbers we were hoping for but is it enough.
In April Denver was named the fifth least affordable area to live in the United States.
An online moving company, Hire A Helper, reported that people are moving out of Colorado – 90,000 people in 2021. Colorado’s population peaked in 2015.
Denver Housing Market Statistics
We saw interest rates rise from 4.67% to 5.1%, people are starting to look at adjustable loans.
We might not have as many properties for sale as we wished we had but we had a nice increase.
- 6,881 new properties came on the market
- 5,725 went under contract
- 4,912 sold
- 3,204 properties were active at the end of the month
The average closed price in the Denver Metro Area was $727,000 in April. That is up 17% from a year ago.
All of the numbers are up except the number of properties closed in April from last year, which dropped.
Buyers and Sellers
Buyers are looking at a 55 percent increase in prices from a year ago with the rising interest rates.
Over the past few years the number one question was how can people afford these houses. My answer was the low interest rates and now they are on the rise. We’ve seen them here before, just not at the prices we have currently.
We will see what the last month of increasing interest rates has done to the market in 30-45 days – June. In some segments, I can see that it has pushed buyers to buy sooner than planned others it has knocked the buyers out of the market.
Sellers – you are still in a favorable market. We’re losing a few buyers, so instead of 100 showings and 30 offers, you are going to see less of both. But the offers we’ll still be there as long as your house is priced correctly. So price it right so that you don’t lose and sleep.
