Denver Metro Real Estate Review
March 2022
As Andrew Abrams, the Chair of the DMAR Market Trends Committee states, “In a time of global uncertainty, the residential real estate market continues to be a pillar of strength throughout our economy.” This is a sentiment that the Denver Metro Association of Realtors acknowledges often, and I have to agree. Our low interest rates, rising home values, increasing population (especially here in Colorado) helped maintain the strength of our real estate market, even through COVID. As we’ve discussed in several other blogs, 2022 will undoubtedly introduce us to a different market. Prices continue to rise. Demand for new homes remains. The one factor, however, that will shake up the system is the rising interest rates. Let’s look at how the Denver Metro Real Estate Market is doing.
Denver Metro Area
According to CoreLogic, Denver was the #1 metropolitan area nationwide, having over 60% of listed homes that sold throughout the month selling over the list price! This statistic alone shows how much of a seller’s market this is. Housing prices have risen 21% over last year. The median sales price in the Denver Metro Real Estate Market is $575,000. Last year at this time homes were selling at the median of $475k. Real estate continues to sell quickly with a median time on market of 4 days. The showing-per-listing ratio is up to 25.15 now, and continuing to increase. Denver is still a very hot market. There is a noticeable change in new buyers entering the market. The number of mortgage applications is at the lowest number it’s been since December of 2019. Rising interest rates are mainly to blame. At the beginning of March, the average interest rate for a 30-year-fixed mortgage was 4.06%.
Boulder County
Inventory is the main concern in Boulder County. Inventory is down nearly 82% from this time last year. With fewer homes reaching the MLS, we’re starting to see a decline in homes going under contract. This makes Boulder an extremely competitive market. The percent of list price received has gone up to 105.5% in Boulder County! This has pushed the median sales price of homes to $750k. That’s 21% higher than last year. Homes are selling in about 17 days, with a showing-per-listing ratio of 17.33. Boulder is clearly a seller’s market. The opportunity, however, exists in the Luxury Market. If you’re looking to purchase a home over $1 million, options may be limited but there are fewer buyers looking in this market. With interest rates rising, now may be the best opportunity for you.
Longmont Area
Our hometown is feeling the pressures of the greater Denver Metro Real Estate Market. Longmont is still rather competitive, even in the slower months. Over 71% of the homes sold last month sold over the list price. This brought the median home price to $573k, continuing to push the record higher. That’s 19% over the home prices last year. Even with these prices, homes are selling faster than ever in Longmont. The average days on market is down to 11 in our area! This isn’t so surprising when you see just how many homes were available to begin with. With a record low number of listings this year, homes are selling like hot-cakes!
If you’re just starting out in the Denver Metro Real Estate Market and searching for a new home, don’t be discouraged. There are still great opportunities available. With an experienced team like us, The Wise Team, we’ll be able to find a true gem that fits your needs! Get in touch with us today so we can start your Real Estate journey and find your new abode in the Front Range!
The Wise Team
720-600-1960
