Greater Denver Metro Counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park.
In December, demand for homes was still strong in the Denver Metro Area as mortgage rates remained low and buyers quickly scooped up available inventory. Throughout the month, 4,616 homes were sold, a 12% decrease compared to last December and down 12% from last month. Homes spent an average of 18 days actively for sale in the MLS, six days fewer than last December and two days more than last month.
In December, New Listings struggled to keep pace with demand. Sellers added 2,604 New Listings to the market, 14% fewer than last year’s very active December. Also, the supply of housing inventory currently stands at one week. To put this in perspective, this means if no new inventory came on the market, all homes that are currently for sale would be unavailable in one week. For comparison, last year at this time—as well as last month—there were two weeks of inventory.
However, hope is on the horizon for 2022. Buyers should see their options grow as those ready to sell put their homes on the market to get a jump on the buying and selling season. Connect with a local real estate agent to learn what you can expect in your area.
The real estate market in the Denver Metro Area is still looking good for sellers. In December, the Average Closed Price for a home was $622,740, up 15% from December 2020, but down 1% month over month. Plus, the median number of days a home spent on the market in December was five, which is two days fewer than December 2020.
While sellers are still in the driver’s seat, those who are thinking about putting their home on the market shouldn’t wait too long. With more listings projected to become available, now might be the ideal window of opportunity to stand out from the crowd. Work with a real estate agent who knows your local market and current inventory conditions to ensure you have the support you need to make an educated and informed decision about selling in the coming year.