Metro Denver Real Estate Market Update : July 27th-August 2nd, 2022

Hello friends!

Welcome to our first blog post! We are so thrilled to offer you valuable insights through this channel. Our first post is a Metro Denver real estate market update. We are in very different market conditions than those we experienced earlier in the year, so here is the most recent data!

Overall, the market is continuing to slow. This is a seasonal shift that has occurred in our market for quite sometime; however, the rise in interest rates has exacerbated the normal trend to a more significant slowdown than usual. 

This week, the odds of selling [which takes into account the amount of under contract transactions in the prior week, projected out for the next 30 days] decreased by 5% to a 51% chance. To provide perspective, the height of the market this year saw odds of selling at 87.3% in February 2022 [the highest odds in Metro Denver’s recorded history].

In conjunction, price reductions have been widespread and larger in dollar amount than we have yet experienced this year. 44.8% of the properties that went under contract last week had gone through a price reduction prior to going pending. The average price reduction of 6.1% [or $46,000] has remained consistent over the last four weeks.

The market will likely continue to cool until October and then stabilize through December. The market is supposed to pick back up to multiple offer situations in the beginning of the coming year.

Reach out with any questions for further information and data. We are here for you.

*Data applies to the 7 Metro Denver Counties of: Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert and Jefferson. Thank you to Megan Aller at First American Title Company for the assimilation of data.