“How is the Denver Metro Housing Market?”
December closed the year with record-breaking low inventory and record-breaking prices according to the latest Denver Metro housing market statistics. In fact, across the seven metro areas, Detached Single Family Homes sold for an average of $100,656 more this December than December 2020.
Housing inventory took an even more drastic drop in December with only 1,002 Detached and 519 Attached Homes as active listings. Inventory has been historically low all year and went down 44.2% for Detached Homes, 66.5% for Attached Homes compared to this time last year
and new listings are going under contract at a rapid pace with an Average Days on Market of seventeen.
The average price for a Single-Family Home was $700,467, up 16.8% year over year and the average Attached Home (Condo/Townhome) was $435,742, up 13.4% year over year. Units sold in December, Detached Homes, 3,116, down 7.7% year over year and Attached Homes (Condo/Townhomes), 1,363, down 12.9% year over year.
Average Days on Market by price range shows that most homes under $1,000,000 are pending within approximately 2 weeks. Buyers need to move quickly as demand remains at historically elevated levels and low interest rates.
Average Close to List Prices this month indicated that multiple offers for the bulk of homes under $2,000,000. Even in super luxury markets offers made by buyers were strong. Percent of Closed Price to List Price is still well-above prior years at 101.9%.
The Denver Metro Real Estate Market currently has only 8.1% of the homes required to offset demand or .03 months of inventory. We would need an additional 12,540 homes to as active listing to create a 6.0-month supply of homes, or a balanced market. Values below 1.0 month indicate a high likelihood of multiple offers.
With multiple offers so prevalent in today’s market, Single Family Homes when analyzing all price ranges Sold for $30,395 or 4.8% over asking price.
The Odds of Selling remain incredibly high at 81.3% for all price ranges. This is the comparison of all active units in the market vs. those that go under contract and or close in the same month.
As your REALTOR, I will provide you with a comprehensive understanding of the market and a strategic plan that is specific to your individual needs as a seller or buyer.
Whether 2022 finds you planning a move or not, even if you just have a question or would like to know” How much your home is worth”, do not hesitate to contact me.
I look forward to helping you, family, and friends in 2022 as your trusted advisor and contributing to your real estate success.