Our real estate market in the Denver area and Front Range has made a shift in recent months! This shift has been for the better, making things a little more balanced across the board. While we’re still well off what would be considered a balanced market per the common metric of “Months of Inventory”, anybody currently selling a home or buying one will tell you that things are much different than earlier this year. In fact, we’ve gotten so used to the pandemic market shenanigans recently, that even the slightest change from that feels like a big change.

What’s been interesting to see is how different price points and areas have adjusted overall. Are there still multiple offers on homes? Yes. But it can’t be expected every time for every home anymore. Are homes still moving relatively quickly? Yes. But there are many more homes having to do price adjustments to respond to the uptick in available home inventory. More balanced indeed.

I’d ask you to take news headlines about the real estate market with a grain of salt. At the very least, take a harder look at the article and really dig into what they’re trying to tell you or help you feel. You’ll see news about prices dropping, or sales slumping, or interest rates rising. Before being swayed by a headline, you can also reach out to me to evaluate what the data shows. For example, inventory in July jumped a whopping 81% from last year….but did you know that the number of homes on the market is actually still about 2,000 short of what we had this same time in July of 2019? Also, the average home price did drop from June to July by about 3%. But did  you know that every year this is a typical price progression and that prices actually grew by 11% from the previous year compared to last July? Which one is the better headline though? 🙂

Here are a few market reports for you:
DMAR_MarketTrendsReport_Aug2022
2022_Q2_Rent and Vacancy Report
Mountain Areas RE Trends

 

On an additional note, join us at our real estate investor meet up next Thursday 18 Aug! Go RSVP at our Eventbrite page here.  As always, let me know what questions you have or how my team and I can serve you in achieving your real estate goals. Let’s go!

-Drew
Drew Morris Denver Realtor and ModernWest Home Owner