Wendy Heath Santeramo

LICENSE: FA100098051


(303) 523-7207
(303) 858-8100 (Office)

Colorado Housing Market

HOUSING MARKET UPDATE, JULY 1ST, 2022

Posted On: July 1st, 2022 1:01PM

 

HELLO & HAPPY 4TH OF JULY!!!

 

The first question I’m always asked about housing is What will happen with house prices? and then When will house prices growth slow? The exact impact on prices is uncertain. Inventory will tell the tale about the housing market. And housing inventory is increasing quickly.  As the housing market slows, we need to watch inventory very closely. This will give us a hint on what will happen with house prices.

 

Nationally, the median price for a home sold in May was $407,000, up 14.8% from May 2021. This was the first time the median price exceeded $400,000. Although prices rose, sales of existing homes declined for the fourth straight month. Sales were down 3.4% from April and 8.6% from May 2021.

Nationwide, the number of homes on the market rose to 1.16 million at the end of May, equal to 2.6 months of inventory at the current monthly sales pace. 

In the Denver area, things look a little bit different. Sales of existing homes have continued to rise here. In May, sales were up 3.75% over April, and April sales were up 2.98% over March. 

In our area, there's still a considerable lack of inventory, even as more homes go up for sale. For example, in May, we only had .9 months of inventory versus 2.6 nationally. That means that if no other homes came on the market, all homes for sale would sell in less than a month. So, in general, we're shorter on inventory than the rest of the country.

We continue to keep an eye on price reductions. Sellers continue to chase buyers with price reductions in many cities. For example, in Las Vegas, 20.1% of homes sold in May had been reduced in price; in Austin, that number was 18.3%; in Phoenix, 17.5% of homes sold in May had been reduced in price. In Metro Denver, during May, 11.9% of the homes sold had been reduced in price, according to
Realtor.com's Market Survey.

Price reductions indicate a cooling in the market. Pricing a home today isn't the same as it was three months ago. Then, we could look at recent comparable sales and increase our asking price. Now, with many homes, we may have to list a home for less than recently sold similar homes.

The market is changing fast and is unlike any we've seen in years. We'll keep you updated with what's happening in Colorado and nationally. 

 

Metro Denver Real Estate Market Activity

During the last week:

New Listings - 2064

Back On Market - 331

Price Increase - 112

Price Decrease - 1537

Pending - 1558

Withdrawn - 166

Closed - 1386

Expired - 159

Previous Week:

New Listings - 1842

Back On Market - 319

Price Increase - 120

Price Decrease - 1407

Pending - 1647

Withdrawn - 183

Closed - 1421

Expired - 130

 

GIVE ME A CALL IF YOU WANT TO DISCUSS THE MARKET AND HOW IT COULD IMPACT YOUR SPECIFIC SITUATION! 

 

 

 

Add Comment

HOUSING MARKET HAS PEAKED

Posted On: May 23rd, 2022 12:30PM

Add Comment

May 2022 Market Trends

Posted On: May 21st, 2022 7:48PM

Add Comment

April 2022 - Housing Inventory By Zip Code

Posted On: May 20th, 2022 12:20PM

This data shows the momentum, or direction, in inventory for the market. It compares inventory in April 2022 to April 2021. The source of the data is Realtor(dot)com

 

 

Add Comment

Historical Home Inventory

Posted On: May 20th, 2022 11:32AM

Add Comment