Front Range – September 2022
Inventory has gained much more weight recently, with the number of homes for sale around 94% higher than last year. Homes are still selling in 20 days or less in most instances. However, sales prices are still trending upward with an average annual appreciation of 8% for single-family homes and attached at 4% for attached.
Don’t pull out the celebration confetti yet, though, because challenges remain for those jumping into this market. Demand is still facing a downward trend, with total sales down 30% and pending sales down 20% from last year.
This downward trend is most certainly attributed to the high jump in the interest rates has also trended slowly downward, with a dip most notably in June, but will they sink to those previously low rates in the 2-3% range? It seems unlikely, especially as inflation photo bombs the picture of our current real estate marketplace. Yet, there are times when you just must move, whether for a job or a family situation.
Case in point, take a look at the snapshot of August sales compared to last month. Those buyers could have twice the number of choices while securing prices 4% less than buyers shopping the month before. Additionally, some have wondered if paying all cash is the way to ensure a successful bid to purchase. Although cash sales are not a large enough percentage of sales to affect the residential market significantly, they are happening. These sales consist mainly of people selling in other regions of the country and choosing Colorado as their destination state. The greater number of them are more likely to occur in the fix-n-flip market rather than the standard residential sale market.
We continue to see nice gains in the front-range economy overall, which fuels the strong demand for housing. As a buyer or seller, your best course of action is to get in touch with me to gain the specific data for the sale or purchase you desire. Strategies in securing the home of your dreams are shifting, so let’s have a conversation and find out how those shifts can work most effectively in your favor.
| Detached Single Family | Year to Year | ||
| Aug ’21 | Aug ’22 | % change | |
| Active Listings | 2,469 | 5,298 | 114.58% |
| New Listings | 4,300 | 3,694 | -14.09% |
| Pending | 4,278 | 3,465 | -19.00% |
| Closed | 4,269 | 2,944 | -31.04% |
| Closed Price Median | 580,000 | 645,000 | 11.21% |
| Closed Price Average | 688,708 | 744,589 | 8.11% |
| Days on Market | 10 | 20 | 100.00% |
| Months Supply of Inventory | 1.58 | 3.05 | 93.04% |
| Average Percent of Original List Price | 102.74% | 99.16% | -3.48% |
| Sales Volume | 2,940,095,681 | 2,192,068,618 | -25.44% |
| Month to Month | |||
| July ’22 | Aug ’22 | % change | |
| Active Listings | 5,650 | 5,298 | -6.23% |
| New Listings | 4,555 | 3,694 | -18.90% |
| Pending | 3,116 | 3,465 | 11.20% |
| Closed | 3,010 | 2,944 | -2.19% |
| Closed Price Median | 650,000 | 645,000 | -0.77% |
| Closed Price Average | 781,631 | 744,589 | -4.74% |
| Days on Market | 13 | 20 | 53.85% |
| Months Supply of Inventory | 3.39 | 3.05 | -10.03% |
| Average Percent of Original List Price | 100.73% | 99.16% | -1.56% |
| Sales Volume | 2,352,708,351 | 2,192,068,618 | -6.83% |
| Attached | Year to Year | ||
| Aug ’21 | Aug ’22 | % change | |
| Active Listings | 1,113 | 1,641 | 47.44% |
| New Listings | 1,818 | 1,476 | -18.81% |
| Pending | 1,755 | 1,371 | -21.88% |
| Closed | 1,779 | 1,277 | -28.22% |
| Closed Price Median | 371,000 | 400,000 | 7.82% |
| Closed Price Average | 439,896 | 456,013 | 3.66% |
| Days on Market | 14 | 15 | 7.14% |
| Months Supply of Inventory | 1.64 | 2.44% | -98.51% |
| Average Percent of Original List Price | 101.98 | 99.98% | -99.02% |
| Sales Volume | 782,574,210 | 582,328,783 | -25.59% |
| Month to Month | |||
| July ’22 | Aug ’22 | % change | |
| Active Listings | 1,711 | 1,641 | -4.09% |
| New Listings | 1,779 | 1,476 | -17.03% |
| Pending | 1,312 | 1,371 | 4.50% |
| Closed | 1,269 | 1,277 | 0.63% |
| Closed Price Median | 408,000 | 400,000 | -1.96% |
| Closed Price Average | 475,811 | 456,013 | -4.16% |
| Days on Market | 13 | 15 | 15.38% |
| Months Supply of Inventory | 2.75% | 2.44% | -11.27% |
| Average Percent of Original List Price | 101.01% | 99.98% | -1.02% |
| Sales Volume | 603,803,848 | 582,328,783 | -3.56% |
