MARCH 2022 DENVER MARKET STATS
April 18, 2022 | denver-housing-market
All comparisons made to March 2021
A shift in market conditions is occurring. In early April, days on market hit an all-time low of 7.54 days, demonstrating a high level of buyer activity. Compared to the last two years, more homes listed this year have gone under contract. With these two facts, you would think this would make it difficult for inventory to rise, but we’ve seen inventory increase over 30% during the last month. This is proof that a shift is happening. For the market to be fully balanced, we need around 15,000 homes for sale, and we were still only at 2,453 on the market as of April 8.
As rates continue to rise, fewer buyers will compete for the same homes; this is excellent news if you cannot compete with the appraisal gaps and waiving all contingencies. We still see that happening, but the market shift is being felt in the number of showings and offers written now. Reach out to your lender to find out what this means for you.
Economists predict home values will continue to appreciate as rates rise since we are still working with supply and demand. There are still multiple buyers for your home if properly prepared and appropriately priced when it hits the market. Do you have any questions about what that means for your home?
If you took advantage of the lowest interest rates in recent history, you most likely have an affordable payment on a home that will continue to appreciate if the economists are correct. As shifts continue to happen in the world and our market, I am here to answer any questions you may have!
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