Denver’s real estate market started with a bang in 2022, with the first full week of January feeling like much of the most competitive part of 2021. For those buyers just coming into the market, please prepare yourself before making offers so your expectations are realistic and you do not get overly discouraged by the process. While we may have record-low housing inventory and buying a home is competitive — which does not feel good — there is much upside to buying a home now and being prepared with help ensure you have the best experience possible. With this said, it does appear sellers are coming into the market sooner than last year (and the seasonal trend) — great news for buyers!
Let’s take a look at the most recent metro Denver housing market reports using data compiled from last month’s activity…
Denver Real Estate Market Updates with Scott Rodgers
Denver Housing Market Update
Reported in February using data from January, by the Denver Metro Association of Realtors:DMAR_MarketTrendsReport_February2022
Metro Denver Housing Market ReviewGMDR_DSF_January_2022
Source: Megan Aller at First American Title.
“The selling season is here, and the good news is that sellers are on board with listing earlier this year. Looking at the weekly numbers coming soons are up 7.8% from last week and up a whopping 30.4% from the same week one year ago. We know the buyer pool is thriving, but the great news is that sellers are on board with listing earlier in 2022 as well.
“I wanted to take a minute to provide some encouraging information. The number of units under contract in 7 days or less is about 60% based on closed data from January. This means that 40% of listings are on the market for longer than one weekend. If you have buyers that are struggling in multiple offer situations can wait for the feeding frenzy to die down and look at homes on the market longer than 2 weekends will find that they have a better opportunity to negotiate. Homes that went under contract in the first weekend last month closed for 104.7% of their original price vs. homes that went under contract in the second weekend at 99.9% of their original price.