As I talk with clients, interest rates are on almost everyone’s mind right now. To come down from an intense market (and in some regions of Colorado, an EXTREME), the Federal Reserve is making moves to correct our market.
“For the longer term, what we need is supply and demand to get better aligned so that housing prices go up at a reasonable level, at a reasonable pace, and that people can afford houses again, and I think we,
so we probably in the housing market have to go through a correction to get back to that place.” -Federal Reserve Chair, Jerome Powell
If you were alarmed when rates jumped as high as 7% last month, I understand. “The direction of mortgage rates – upward or downward – is the prime mover for home buying, and decade-high rates have deeply cut into contract signings. If mortgage rates moderate and the economy continues adding jobs, then home buying should also stabilize.” – NAR Chief Economist, Lawrence Yun
But a more balanced market actually benefits both buyers and sellers. So don’t let the scary, click-baiting headlines influence your decision. The road to more inventory at affordable prices can be a bumpy process. And the changes impact our local market (and each of my clients) differently than other parts of the U.S. (even different neighborhoods). I can provide you with the latest hyper-local market data so
you can make excellent decisions.
Because market experts agree: our housing market will reach stability much sooner than it did in 2008. And in a season where interest rates can be volatile, unexpected opportunities could open up for you.
So take a tip from the buyers and sellers who are succeeding in today’s market: be proactive! Let’s start preparations now:
Share your future real estate and lifestyle goals with me to determine timing, potential obstacles, etc. I’ll help you identify your must-haves in a home/location and set you up with a high-quality listing alert
system. Refer you to excellent lenders who’ve helped my buyers. Strategize home improvements to boost your ROI (and refer you to my trusted vendors). Discover your home’s value with a custom Comparative Market Analysis. Discuss becoming a property investor and building your portfolio.
I wish I had a crystal ball that told us when interest rates will drop (and stabilize). But I can help you assess if now is the right time to act (or not) and create an excellent plan for the near future.
| Detached Single Family | Year to Year | ||
| Sept ’21 | Sept ’22 | % change | |
| Active Listings | 2,803 | 5,798 | 106.85% |
| New Listings | 4,391 | 3,772 | -14.10% |
| Pending | 3,761 | 2,753 | -26.80% |
| Closed | 4,033 | 2,924 | -27.50% |
| Closed Price Median | 576,000 | 632,000 | 9.72% |
| Closed Price Average | 690,541 | 745,947 | 8.02% |
| Days on Market | 13 | 28 | 115.38% |
| Months Supply of Inventory | 1.78 | 3.27 | 83.71% |
| Average Percent of Original List Price | 101.94% | 98.70% | -3.18% |
| Sales Volume | 2,784,950,543 | 2,181,149,697 | -21.68% |
| Month to Month | |||
| Aug ’22 | Sept ’22 | % change | |
| Active Listings | 5,298 | 5,798 | 9.44% |
| New Listings | 3,694 | 3,772 | 2.11% |
| Pending | 3,465 | 2,753 | -20.55% |
| Closed | 2,944 | 2,924 | -0.68% |
| Closed Price Median | 645,000 | 632,000 | -2.02% |
| Closed Price Average | 744,589 | 745,947 | 0.18% |
| Days on Market | 20 | 28 | 40.00% |
| Months Supply of Inventory | 3.05 | 3.27 | 7.21% |
| Average Percent of Original List Price | 99.16% | 98.70% | -0.46% |
| Sales Volume | 2,192,068,618 | 2,181,149,697 | -0.50% |
| Attached | Year to Year | ||
| Sept ’21 | Sept ’22 | % change | |
| Active Listings | 1,168 | 1,885 | 61.39% |
| New Listings | 1,744 | 1,465 | -16.00% |
| Pending | 1,574 | 1,095 | -30.43% |
| Closed | 1,648 | 1,189 | -27.85% |
| Closed Price Median | 380,000 | 410,000 | 7.89% |
| Closed Price Average | 443,847 | 486,773 | 9.67% |
| Days on Market | 14 | 23 | 64.29% |
| Months Supply of Inventory | 1.76 | 2.81% | -98.40% |
| Average Percent of Original List Price | 101.71 | 99.40% | -99.02% |
| Sales Volume | 731,459,921 | 578,772,853 | -20.87% |
| Month to Month | |||
| Aug ’22 | Sept ’22 | % change | |
| Active Listings | 1,641 | 1,885 | 14.87% |
| New Listings | 1,476 | 1,465 | -0.75% |
| Pending | 1,371 | 1,095 | -20.13% |
| Closed | 1,277 | 1,189 | -6.89% |
| Closed Price Median | 400,000 | 410,000 | 2.50% |
| Closed Price Average | 456,013 | 486,773 | 6.75% |
| Days on Market | 15 | 23 | 53.33% |
| Months Supply of Inventory | 2.44% | 2.81% | 15.16% |
| Average Percent of Original List Price | 99.98% | 99.40% | -0.58% |
| Sales Volume | 582,328,783 | 578,772,853 | -0.61% |
