What's Been Happening in Our Market?
An update and insights into our current Denver real estate market.
Today we'll talk about what happened in the Denver Metro area real estate market this January and give you some market insights.
We had 1,184 active properties at the end of the month, which is an incredibly low number. That is actually the lowest we've ever seen; it represents a 20% decrease month over month and a 50% decrease compared to this time last year. The average number of active listings at the end of January was 12,732. We've been collecting this data since 1985, and the most we ever saw was 24,550 listings back in 2008.
There were 2,847 closed listings in January. That’s a 40% decrease month-over-month and a 10% decrease year over year.
"The Federal Reserve will increase rates throughout the year to combat inflation."
That 3% month over month decrease is likely due to the seasonality of the market. The average price increased by 11.2% year over year.
From 2010 to 2019, we saw real estate increase in value across the Denver metro area by $212 billion. From 2020 to 2021, we saw a similar increase in value of $208 billion. Hopefully, that puts into perspective just how much buyer demand. We've also heard that rates are going to rise. Rates are in the low- to mid-3% range right now, but the Federal Reserve will increase rates throughout the year to combat inflation.
If you have any questions, visit our website and don’t hesitate to reach out to us by phone or email. We look forward to hearing from you.