Denver Metro Market Update: November 9th - November 15th, 2022

What a wild ride it has been in real estate in Metro Denver in 2022! We went from an odds of selling of 87.3% during super bowl weekend down to 42.6% currently. Bidding wars were out of control at the beginning of the year, and then just as quickly as interest rates ticked significantly upward after Easter, the real estate market nearly came to a halt.

Typically in November we’ve got about 1.8 months supply of inventory on the market [meaning we would run out of homes to sell buyers in 1.8 months should no new homes come to market starting tomorrow], but we are currently at 2.2 months of inventory. Likewise, odds of selling 2013-2021 was roughly 55% in November, but, as mentioned, just 42.6% right now.

Nonetheless, we are still not technically in a “buyer’s market.” This is because we are only at 35.8% of the inventory needed to offset demand for a balanced market between buyer and seller. In other words, we would need about 19,000 homes on the market.

It is true that we are off by 10% of average sales price from the peak of our market this year in March, April, and May, but we still have managed to maintain appreciation of 8.7% since 2022 began. This speaks to the robustness of Metro Denver’s market, despite sensational headlines of drastic price declines in Colorado. Rather, Metro Denver had SUCH incredible appreciation at the beginning of the year that we could easily withstand a 10% price drop and still hold at a very strong appreciation rate.

*All data is from 7 Metro Denver Counties: Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert and Jefferson. Data is deemed reliable but not guaranteed.

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