May 2022 Denver Home Sales Update

The most recent stats from the Colorado Association of Realtors echo much of the data from the Denver Metro Association of Realtors, which recently reported all-time records for single-family detached homes as measured by median and median prices. But many of the brokers mentioned in the April CAR report are at least offering a glimmer of hope to potential buyers, even as they admit that plenty of people are getting rid, at least temporarily, of what’s still a seller’s market.According to Aurora-area real estate broker Sunny Banka, “We’re seeing more price cuts in some homes and in some areas….buyers should note that while the market is still hot, they have a better chance of getting the home they are looking for.” ” But Barb Ecker says that in the Jefferson County/Golden area where she specializes, “the market crashed a little bit in the last two weeks of April. With interest rates increasing, some buyers are now being pushed out of their homes they were in on a one-off quest. Buyers may need to lower their price range to stay in the market, because they simply cannot buy the home they were considering just a few weeks ago.”

CAR numbers for April show that prices for Colorado as a whole are not much lower than those of metro Denver. The median statewide price for a single-family home was $600,000, compared to $660,000 in the seven-county metro area. The difference in the average price for cottages was smaller: $440 thousand for the Colorado and $445,000 for the metro area.

Average prices were in the same ballpark as well: $747,226 and $578,237 statewide for a single-family home and a home, respectively, versus $793,486 and, surprisingly, $523,693 in Denver. And in both metro Denver and Colorado in general, menu prices are just starting points. In Denver, the average amount at closing was 106.5 percent of the list; In Colorado, 104.9 percent.

See below for monthly and yearly changes in the seven-county Denver area for April related to new listings, sold listings, sales prices, and more.

Click to enlarge

Here’s a graph detailing the rise in median prices for both single-family homes and townhouses in metro Denver:

Click to enlarge Colorado Brokers Association

Banka reveals that homes in the 80013 zip code, which corresponds to the central part of Aurora, “have seen a slight uptick in inventory compared to the March numbers. However, inventory is still 48 percent lower compared to the same time in 2021. Average price at 80013 It’s up 17 percent from $455,000 to $535,000 in 2021. But in March, the average price in Aurora was $550K, which is $20,000 down from the average price per month. the past “. In the 80016 zip code area, “Stock has almost doubled from what it was just a month ago, [but] The average price was $805,000.”

“Buyers have to be proactive in an environment that is still low on stock,” Banca adds. “However, sellers should be prepared that they may not have twenty offers in the first three days and may need to adjust their prices. Buyers may find a little less competition in the market but still need to be bold in their search and pricing to find their dream home. “.

Kelly Moy, a realtor with experience in Boulder and Broomfield, has seen a drop in demand. “We’ve reported over the past 18 months of a market where listings sell within days for 15 to 20 percent over list price, with five to 10 offerings as a standard and typical event,” she says. “With stock still low and demand high in our market, it seemed that the end was not in sight.” But after interest rates rose, she continues, “buyers’ purchasing power fell dramatically, and that’s the day the market changed. It was the Easter holiday, and judging by the reports presented, the average weekend bid was closer to five or six per weekend.” week instead of twenty to thirty, and suddenly homes were still on the market on Monday morning. Sellers who had been expecting a flurry of activity were so disappointed, we actually started seeing price cuts pouring into our morning email alerts.”

Because of the “half-month supply of inventory,” she says, sellers still have a strong market. “But with the pool of buyers diminishing due to higher prices and lower purchasing power, the change we all once expected has finally arrived. They say you only know when a downturn comes right after it happens. It appears to have happened a few weeks ago, and with more increases in the Pricing, we expect the second half of the year to be very different compared to 2021.”

Matthew Lebrino’s assessment of Denver County is less specific. “Every month for the past eight years, the average year-over-year price increase has still been going up — but much less than the year before, and less than half in some cases,” he says. “Between April 2022 and 2021, the median price for a townhouse in Denver increased by 16.3 percent, down from 21.5 percent a year earlier. February contracted from 21.9 percent growth to 11.7 percent year-over-year growth. The former, and with all but two of the past 12 months, the rise has fallen. It’s not that prices aren’t rising. They are, but not as fast as they used to be.”

However, he warns, “We have to be careful at this point. … We have no indications that prices will go down or down for the foreseeable future. Perhaps, and we can hope, simply get to ground level and hang around for a moment — until we refuel the tank.” “.

Click to read the Colorado Association of Realtors’ Housing Market Report for April 2022.

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