2022 Market Recap: Prices peaked in April ‘22 as the extreme sellers market finally began to cool. By December ‘22, average single family home prices were flat year-over-year. Interest rates topped-out above 7% around October ‘22 and have dropped since that time.
Market Outlook: The Denver metro area had considerable snow fall in January along with seasonally low home listing inventory. However, spring appears to have arrived early in the residential real estate market with more and more buyers coming back into the market. Some well positioned properties are again seeing multiple offers and are going under contract in days, not weeks. Is this a sign of things to come in 2023? Keep an eye on economic news in the coming days and weeks that will impact mortgage interest rates. Inflation must subside in order for the Federal Reserve to slow the rate increases that have been driving mortgage rates higher.
Market Overview
Single Family
Active Inventory 3,408
Sold Homes 1,920
Ave Sold Price $707,997
Ave Days on Market 45
Condos & Townhomes
Active Inventory 1,350
Sold Homes 800
Ave Sold Price $469,505
Ave Days on Market 38
Real Estate Humor
Did you hear about the last remaining unit in the apartment building? It was last but not leased.
