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Metro Denver Area Market Update
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Market Update – November 2022

Our market update for the metro Denver area for November 2022 is broken down into All Residential, as well as Luxury Residential stats.

Below are links to download our update, as well as a breakdown of the stats in more detail:

Metro Denver Area Residential Market Update

Here is some good news and facts about the Denver Metro Market:

  • Active Listings are at 7,290 which is 116% higher than last year at this time.
  • There have been 55,718 New Listings in 2022, and that is only 7% less than last year.
  • Closed Residential Properties are at 44,676 which is about 17% less than this time last year.
  • The Average price of a Single Family Home YTD is $773,822 which is a remarkable 12.5% higher than last year, and the Average price of Condos and Townhomes YTD is $481,391 which is 11.5% higher than this time last year.
  • We continue to see solid activity for New Listings and New Pending Contracts each week. Sellers that price correctly are on the market approximately 28 days, but Sellers that have to reduce their price are averaging 71 days in the MLS.

If you need to sell now, we can still sell and close your home before the end of the year.

Buyers, the good houses may still have some bidding wars, but most sellers will offer some financing incentives to help you buy your interest rate down and help you get the payment you desire!

Historically, some of the best deals in the market are in November and December, and you can still buy and close before Christmas morning and the Holiday Season.

AVERAGE DAYS ON MARKET OCTOBER 2022 29 DAYS 2021: 14 DAYS UP 107.14% 25 DAYS 2021: 15 DAYS UP 66.67%

ACTIVE INVENTORY OCTOBER 2022 5,444 2021: 2,351 UP 131.56% 1,846 2021: 1,025 UP 80.10%

ACTIVE LISTINGS
3,376  7,290
OCTOBER 2021  OCTOBER 2022
UP 115.94%  UP 115.94%

AVERAGE SOLD PRICE (YEAR OVER YEAR) +7.89% SINGLE FAMILY 1 YEAR
+8.88% CONDO 1 YEAR

SOLDS OCTOBER 2022 2,332 2021: 3,893 DOWN 40.10% 983 2021: 1,663 DOWN 40.89%

TOTAL # SOLD (HOUSES & CONDOS – OCTOBER 2022) 3,315 LAST YEAR: 5,556 -40.33%

AVERAGE SALES PRICE (HOUSES & CONDOS – OCTOBER 2022) $661,335 LAST YEAR: $611,076 +8.22%

Metro Denver Area Luxury Market Update

The luxury market in the metro Denver area is still moving in a positive direction.

While the total number of sales in October was down 24% over this time last year, following suit with the overall market. Prices are still holding strong with sold prices 5.2% ahead of last year.

Average days on the market for a single family home are only 29 which is only a few days more than this time last year.

New listings are up 13% over this time last year, indicating that Sellers are wanting to take advantage of this strong segment of the market.

As always the luxury market is price sensitive. Updated homes in good neighborhoods are still selling within a few days. Homes that are priced too aggressively for the current market are sitting and likely necessitating price reductions in order to obtain a buyer.

For buyers there are some great opportunities especially if you are willing to do some work on a property, the 4th quarter could be your best opportunity in a long time to get a house at a reasonable, market price and even though interest rates are higher right now, refinance down the road and have the best of both worlds, a good price and a good interest rate!

AVERAGE DAYS ON MARKET OCTOBER 2022 29 DAYS 2021: 26 DAYS UP 11.54% 26 DAYS 2021: 23 DAYS UP 13.04%

NEW LISTINGS OCTOBER 2022 390 2021: 345 UP 13.04% 55 2021: 43 UP 27.91%

TOTAL # SOLD (HOUSES & CONDOS – OCTOBER 2022) 328 LAST YEAR: 432 -24.07%

AVERAGE SALES PRICE (HOUSES & CONDOS – OCTOBER 2022) $1,652,766 LAST YEAR: $1,571,382 +5.2%

AVERAGE SOLD YTD OCTOBER 2022 -0.7% SINGLE FAMIlY 1 YEAR
+1.2% CONDO 1 YEAR

TOTAL SOLDS YTD OCTOBER 2022 4,550 2021: 3,990 UP 14.04% 546 2021: 523 UP 4.40%