Dave’s Market Update May 2022

24k Real Estate Market Update MAY 22
May 2022 Statistics for seven county Metro Denver area. Typical for this time of year, new listings are up and days on market are lower. Interesting note however, closed and pending sales volume is lower than last year. We are seeing less competition. Multiple offers still happen, though at a lower volume. The volume of price reductions has increased in the last 30 days, indicating a shift in demand. Homes with popular locations and / or features still draw strong attention. Homes with any challenges in those categories are seeing pricing pressure and increased days on market. 50% of the homes on the market are gone in about 4 days, which means 50% are staying on the market longer. It will be interesting to see if the, likely temporary, decrease in mortgage rates creates an uptick in activity in June. A one-half percentage drop in rates means an increase in a buyer's purchasing power of about 5%. In this market that means you can spend $33,500 more.
Data derived from REColorado for the time period listed. Information deemed reliable but not guaranteed. Seven Counties included are Arapahoe, Adams, Broomfield, Denver, Douglas, Elbert and Jefferson.