Real Estate and the Pandemic: Oh me, Oh My! June 2022 Market Report
The Pandemic was a game changer for all…particularly Coloradoans. The shift to a full-time remote work allowed people to move anywhere while keeping their jobs. Where did they go? They headed West (and East) to Colorado. Three hundred plus days of sunshine and the Rocky Mountains are features that attracted folks to our great state. The Pandemic was the catalyst that put Colorado’s housing valuations among the top.
Not Ambiguous Denver Real Predictions for 2022
The home you are looking for is still out there: Sellers who lowered their list price weekly over December increased from .5 percent of all listings to 2.8 percent. If you are buying, keep your eye on properties that may drop to the point that works for you.
Put on your superhero cape and jump into purchasing power mode: The median rent nationwide increased 19.7 percent, six times faster than pre-pandemic rates. Denver’s rent is up 17.7 percent on average, almost a $300/month jump. That same $300 translates to $70,000 more in purchasing power for a buyer! If you are a renter and haven’t yet set your 2022 goals, add homebuying to your list!
Did the Year End Like We Thought?
The first snow has fallen, but not the real estate market.
- November's inventory reached its lowest amount to only 2,248 residential housing units.
- $600,000 is the highest median close price for a single-family detached home and ties the records from May and June 2020.
- Buyers are checking off their holiday home shopping lists early. Homes averaged 15 days on the market in November, the lowest November recorded.
How is Denver’s Real Estate Marketing Shaping Up Half Way Through the Year?
Let’s Look at The Numbers
Here are some more record-breaking statistics:
- July’s inventory ended the month at 4,056 listings. That is up 29.92% from June. The previous low for July was in 2017 with 7,352 active listings.
- Number of closed homes in July is down 12.3% over June with 5,820 closings.
- The average closed price for attached and detached homes combined was $624,903 for July, the highest of any recorded July.