Denver Metro Area Real Estate Market Review
December 2021
December’s real estate market started off with fewer options than we’ve seen in a long time. This almost reached the lowest number of listings, which we saw at the beginning of the year. Prices are still rising. Properties are still selling relatively quickly. This means it’s still a strong seller’s market, even if the buying fervor is over for the year. Don’t let that discourage you though. Denver’s real estate market is still bustling with opportunities.
As we entered December, there was a 33% decrease in active inventory! That seems crazy. This year, after all, has been plagued by low inventory and rising prices. Across the Denver Metro Area, there were only 2,248 properties available for sale. Of those, only 1,444 are single-family homes. Even though there are so few listings, the average sale price of each home hasn’t gone up that much from last month. We started December with the average sale price at $629,000, which is a mere 2.91% higher than last month. Year-over-year, though, prices are just over 15.49% over last year. Compared to the national average rate, which is 14%, the Denver Real Estate Market is still going strong. The Close-To-List Price is holding steady at 101.63% – meaning buyers are offering more than the list price to secure their dream homes.
Boulder County, per the usual, is doing it’s own thing. The average price of homes in Boulder dropped nearly 10% from last month, bringing the average price to just under $857,000. This is still 8.7% higher than last year. Surprisingly, even with prices coming down a little, homes are staying listed longer than last month, about 30% longer. The average time on MLS is 21 days. Even though it seems the Boulder Real Estate Market is struggling, it’s still a seller’s market. Buyers are offering, on average, 1.6% over the list price. The only thing about Boulder County that’s truly following the course of the rest of the Denver Area are the low number of listings: a grand total of 96. This isn’t the lowest we’ve seen in Boulder County, but it’s pretty close.
Longmont’s Real Estate Market is doing better than the rest of Boulder County. In truth, Longmont is following the rest of the Denver Metro Area. The average sales price of a home reached $535,000, up from $510,000 last month. This is also up 19.5% over last year’s average sales price. The same is true of the days on MLS, up 4 days, on average, from last month. It also goes without mentioning that the number of listings homes available for sale is dramatically low, just like the rest of the Denver Metro Real Estate Market. Thus, buyers are offering, more than 50% of the time, more than the list price, and often going under contract with said offer. All added up: Longmont is still a very competitive market with rising prices and fewer options.
Don’t let this dissuade you from choosing Longmont as your next home! With The Wise Team on your side, you’ll have a team that understands the intricacies of this complex and competitive real estate market. Get in touch with us today and tell us what you’re looking for: whether it’s your dream home or help selling a local property.
Until next time: Happy Holidays!
