Metro Denver/Boulder- October 2022

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%

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