Where Is Denver’s Market Heading?
Here’s what the latest real estate numbers say about our market.
“What’s happening in our local real estate market?” I’ve received this question a lot recently due to rising interest rates, so let’s look at the latest numbers and see where the market is heading.
The number of active properties on the market in the Denver metro was 3,200 in April 2022, which was a 44% month-over-month increase. It was also a 23% increase year over year, which shows that this shift is not just seasonal. Meanwhile, we saw 4,912 closed homes in April. This is an increase of 3% month over month but a decrease of 12% year over year. Despite increasing inventory, fewer homes are selling.
The average price point rose to $726,988. This is a 3% increase month over month and a staggering 17.1% increase year over year. If the market is slowing down, we haven’t seen it reflected in home prices yet.
"This shift isn’t just seasonal."
One way to understand demand in our market is to look at the number of showings per listing. Over Super Bowl weekend, the average home had over 25 showings. During Easter weekend, the average home had just 10 showings. Demand is slowing, likely due to our rising interest rates and prices. Denver is the fifth least-affordable city in the U.S., so our area will feel hits in affordability more than other places.
Finally, the average number of active listings at the end of the month from 1985 to 2021 is 14,596. We only had 3,204 at the end of April 2022, so our inventory is still way below average.
If you have questions about where our market is heading or anything else, please call me at 303-870-4749 or email [email protected]. I look forward to hearing from you!