The number of homes and condominiums available for sale in Denver’s Metro surged nearly two-thirds between May and June, and now nearly double the number of properties on the market compared to a year ago. I am. Monthly updates from the Denver Metro Real Estate Association..
Buyers who have been struggling with a record number of lists since the pandemic blockade ended more than two years ago had four times the options available at the end of June. 1,477..
But it may prove a little comfort. Inventories are increasing as many homebuyers are out of the market as mortgage rates rise significantly and home prices rise.
“Stock markets, inflation and cryptocurrencies have all been hit in the last few months. Housing will ultimately cost the economy as a whole, but how much hasn’t been seen yet.” Andrew Abrams, Chairman of the DMAR Market Trends Commission, said in a comment attached to the report.
Abrams added that it’s only a matter of time before additional inventories affect prices, the time it takes to sell a home, and the balance of power between sellers and buyers.
Listings spend an average of 10 days in the market, much like last year. And the median single-family homes sold in June were still rising, rising 0.58% a month and 12.3% a year to $ 673,873. Median condominiums sold last month were $ 430,000, flat in May and up 13.5% year-on-year.
A Another report from real estate agent Redfin 46.9% of Metro Denver home retailers found that they needed to lower their initial listing price in May. This is the third highest ratio in the country after Provo, Utah and Tacoma, Washington. The number of homes and condominiums sold in Metro Denver in June declined. According to DMAR, it has decreased by 12.4% from May and 23.6% from June 2021.
The number of active lists has almost doubled from last June’s record low of 3,122, but far below the average monthly list of 15,747 from 1985 to 2021. In addition, supply conditions have a long way to go to reach records. June highs on a list of 31,900 listings set in 2006 when the housing bubble burst.