“The more things change, the more they stay the same.” Attributed to French writer Jean Baptiste-Alphonse Karr, it is believed he was referring to all changes that take place impacting, but not altering, the reality of a given circumstance.
This sounds much like the business of the real estate. Change is constant, but the underlying reality remains the same.
People want to own their homes. Some may have the desire for the familiarity of surroundings or investing in the community, others might want long-term financial security. The reasons for buying and selling property can differ from one person to the next, but the underlying desire to call a place home is essentially the same.
This current real estate market reflects just about all of those ideas. We’ve seen several significant changes recently, yet there remains an overall continuity, a sameness to the market. Amid the fluctuations of inventory levels, mortgage interest rates, home sale prices, desired features, marketing techniques and lifestyle dynamics, buyers and sellers are very active in the real estate marketplace.
In fact, of the 10,085 properties available in April for a buyer to consider who was looking to call Northern Colorado home, 4,912 sold and closed!
While the average Days till the contract last April 2021 was a week, buyers, perhaps seeking to lock in mortgage interest rates before they rise again, saw this past April’s average at just 8.5 as buyers look to lock in before they have a chance of getting higher.
Higher interest rates historically slow the rise of home sale prices, and that might yet occur on a greater scale. For now, the April average sales (Detached and Attached) price at $660,076 saw higher equity yields for the home seller, compared to the April 2021 average sale price of $568,544.
This real estate market is in flux and keeping up has some calling it a crazy market. Not so, says popular real estate coach and Keynote Speaker Jared James. While things are changing rapidly, they are also the same fundamentally, and Jared encourages a steadying approach, remarking, “Please stop saying the market is crazy! It’s not crazy. It’s complex. It’s complicated. It’s competitive. But that’s exactly why people need a professional representing them.”
Excellent advice. Feel free to reach out and connect with me when you need professional representation demanded by the complexities of the current marketplace. When it comes to negotiations, transaction twists and turns, and the many other real estate decisions, I have your back.
| Detached Single Family | Year to Year | ||
| April ’21 | April ’22 | % change | |
| Active Listings | 1,640 | 2,445 | 49.09% |
| New Listings | 4,616 | 5,023 | 8.82% |
| Pending | 3,819 | 4,057 | 6.23% |
| Closed | 3,928 | 3,452 | -12.12% |
| Closed Price Median | $582,000 | $684,550 | 17.62% |
| Closed Price Average | $696,320 | $825,073 | 18.49% |
| Days on Market | 10 | 9 | -10.00% |
| Months Supply of Inventory | 1.6 | 2.16 | 35.00% |
| Average Percent of Original List Price | 105.33% | 107.29% | 1.86% |
| Sales Volume | $2,735,144,408 | $2,848,151,761 | 4.13% |
| Month to Month | |||
| March ’22 | April ’22 | % change | |
| Active Listings | 1,627 | 2,445 | 50.28% |
| New Listings | 4,332 | 5,023 | 15.95% |
| Pending | 3,608 | 4,057 | 12.44% |
| Closed | 3,088 | 3,452 | 11.79% |
| Closed Price Median | $660,000 | $684,550 | 3.72% |
| Closed Price Average | $797,700 | $825,073 | 3.43% |
| Days on Market | 11 | 9 | -18.18% |
| Months Supply of Inventory | 1.92 | 2.16 | 12.50% |
| Average Percent of Original List Price | 106.73% | 107.29% | 0.52% |
| Sales Volume | $2,463,298,075 | $2,848,151,761 | 15.62% |
| Attached | Year to Year | ||
| April ’21 | April ’22 | % change | |
| Active Listings | 954 | 759 | -20.44% |
| New Listings | 2,019 | 1,858 | -7.97% |
| Pending | 1,790 | 1,668 | -6.82% |
| Closed | 1,648 | 1,460 | -11.41% |
| Closed Price Median | $375,000 | $440,000 | 17.33% |
| Closed Price Average | $440,768 | $495,078 | 12.32% |
| Days on Market | 4 | 8 | 100.00% |
| Months Supply of Inventory | 1.8 | 1.80% | -99.00% |
| Average Percent of Original List Price | 102.72 | 106.30% | -98.97% |
| Sales Volume | $726,384,858 | $722,813,418 | -0.49% |
| Month to Month | |||
| March ’22 | April ’22 | % change | |
| Active Listings | 594 | 759 | 27.78% |
| New Listings | 1,688 | 1,858 | 10.07% |
| Pending | 1,500 | 1,668 | 11.20% |
| Closed | 1,352 | 1,460 | 7.99% |
| Closed Price Median | $421,500 | $440,000 | 4.39% |
| Closed Price Average | $495,937 | $495,078 | -0.17% |
| Days on Market | 12 | 8 | -33.33% |
| Months Supply of Inventory | 1.68% | 1.80% | 7.14% |
| Average Percent of Original List Price | 105.68% | 106.30% | 0.59% |
| Sales Volume | $670,506,491 | $722,813,418 | 7.80% |
