Buying a home, whether it be your first time or the third, is always an exhilarating, emotional, and
hopefully deeply satisfying experience. Especially for those who have been in the marketplace longer
than a few months; who are very familiar with trying to find that perfect forever home while coping with
the fierce competition.
Hold steady, because there are signs that the frustratingly low inventory in the housing industry may be
over. Recent trends, such as cultural, social, and economic situations, show that change has already been
initiated. Those low inventory levels that have been artificially driving home sale prices are slowing down.
The most recent change with the rippling effect is an increase in mortgage interest rates. Higher rates have a lot to do with holding down further high jumps in prices while possibly spurring greater sales this past May.
As home buyers across the front range marketplace discovered, although qualifying for a loan got a tad
harder, the average mortgage payment was offset by the lower sale price. Leading to 3,852 single-family
and 1,593 attached sales in May from the 2,828 single-family 824 attached homes available just in time
to enjoy summer activities.
Compared to last year, May single-family home inventory was up over 112% while condos only
saw a modest rise at 12%. The changes taking place now most likely won’t be reflected in inventory and
sales figures for another few months.
However, with the residential construction increases, consumers found the heady feeling of homes to
choose from for the first time in months! On average, inventory is reduced within 9 Days on the Market, in May of 2022.
Plans to move are in the works for a continuing record number of people according to a recent report.
Average sale prices for single-family homes this past May of $670,106 is down 2% from last year while
attached homes (townhomes and condos) were also down 2% at 430,000 but this data has not created
any discouragement in carrying out those plans.
The trend that started in early 2020, where remote working conditions relegated commute factors to
the back seat of priorities, continues today. New statistics show over 32% of those considering a home
purchase are looking outside and away from past commuting time and distance concerns for work.
As we move into the summer sale season, contact me for the most up-to-date, relevant real estate
information to help you make your best selling and buying decisions. With local data you have the inside
track on sale prices, selling time frames, and marketing solutions to reduce the stress of moving and
increase the satisfaction quotient of your next move.
| Detached Single Family | Year to Year | ||
| May ’21 | May’22 | % change | |
| Active Listings | 1,336 | 2,828 | 111.68% |
| New Listings | 4,503 | 4,966 | 10.28% |
| Pending | 4,531 | 4,445 | -1.90% |
| Closed | 3,946 | 3,852 | -2.38% |
| Closed Price Median | 593,250 | 670,106 | 12.96% |
| Closed Price Average | 699,396 | 805,508 | 15.17% |
| Days on Market | 8 | 9 | 12.50% |
| Months Supply of Inventory | 1.47 | 2.02 | 37.41% |
| Average Percent of Original List Price | 105.94% | 105.34% | -0.57% |
| Sales Volume | 2,759,815,129 | 3,102,817,135 | 12.43% |
| Month to Month | |||
| April ’22 | May ’22 | % change | |
| Active Listings | 2,445 | 2,828 | 15.66% |
| New Listings | 5,023 | 4,966 | -1.13% |
| Pending | 4,057 | 4,445 | 9.56% |
| Closed | 3,452 | 3,852 | 11.59% |
| Closed Price Median | 684,550 | 670,106 | -2.11% |
| Closed Price Average | 825,073 | 805,508 | -2.37% |
| Days on Market | 9 | 9 | 0.00% |
| Months Supply of Inventory | 2.16 | 2.02 | -6.48% |
| Average Percent of Original List Price | 107.29% | 105.34% | -1.82% |
| Sales Volume | 2,848,151,761 | 3,102,817,135 | 8.94% |
| Attached | Year to Year | ||
| May ’21 | May’22 | % change | |
| Active Listings | 739 | 824 | 11.50% |
| New Listings | 1,761 | 1,844 | 4.71% |
| Pending | 1,852 | 1,736 | -6.26% |
| Closed | 1,756 | 1,593 | -9.28% |
| Closed Price Median | 380,000 | 430,000 | 13.16% |
| Closed Price Average | 446,884 | 494,419 | 10.64% |
| Days on Market | 17 | 9 | -47.06% |
| Months Supply of Inventory | 1.42 | 1.67% | -98.82% |
| Average Percent of Original List Price | 103.76 | 105.28% | -98.99% |
| Sales Volume | 784,728,664 | 787,609,860 | 0.37% |
| Month to Month | |||
| April ’22 | May’22 | % change | |
| Active Listings | 759 | 824 | 8.56% |
| New Listings | 1,858 | 1,844 | -0.75% |
| Pending | 1,668 | 1,736 | 4.08% |
| Closed | 1,460 | 1,593 | 9.11% |
| Closed Price Median | 440,000 | 430,000 | -2.27% |
| Closed Price Average | 495,078 | 494,419 | -0.13% |
| Days on Market | 8 | 9 | 12.50% |
| Months Supply of Inventory | 1.80% | 1.67% | -7.22% |
| Average Percent of Original List Price | 106.30% | 105.28% | -0.96% |
| Sales Volume | 722,813,418 | 787,609,860 | 8.96% |
