This is your Denver Housing Market Update for August 2022.
Our active inventory is creeping up but we aren’t crashing! We are in a sellers market.
Denver Housing Market Statistics
At the end of July we had about 7300 active properties on the market. That is way up and great for sellers and buyers. Our average price was almost $691,000. That is down from June and up from last year.
Days on Market is 13. Finally! A little breathing room for both parties.
Denver ranked 15 out of the top 20 metro areas for number of single-family building permits. We need more housing for our buyers.
The Denver housing vacancy rate is among the lowest in the nation.
Interest rates in July dropped from the highest we saw in April. But the demand for mortgages was the lowest since 2000!
In July 2022 we saw over 6,000 properties come on the market that is about 1,000 less than July of 2021.
We had over 4,200 close this year and last year we had over 6,200. This is what is helping increase our inventory.
I don’t know about you, but I am seeing a lot of awesome vacations, weddings, and people having more fun than I’ve seen in years. The pandemic moving frenzy has cooled off.
Last September we thought the frenzy was over and we picked back up in October.
The Future of the Denver Housing Market
People will continue to have life changes just like you…marriage, divorce, babies, deaths new jobs, etc. If it is your time, it’s a great time to buyer or sell.
The experts are saying we’ll continue to have increasing prices in Denver over the next year – not 20% like we saw in the previous two years hopefully the increase will be a little more normal.
If you’d like to talk real estate, I’d like to talk real estate with you.
Message me or give me a call so we can get the conversation started.
Thinking of making a move?
I can help.