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Metro Denver Real Estate Market Update, June 9, 2022

The number of sellers who reduced their asking price to find buyers increased 61% this week compared to last week. We went from 770 homes that reduced their price to 1241. Sellers are still coming to understand that the market is shifting. While they still have more negotiating power – there’s still meager inventory – prices are not increasing at the rate they have been.

A few months ago, builders were barely offering any deals, and now they’re offering incentives and working hard to attract buyers. Some builders, for example, are offering low-interest rates if you purchase a quick move-in home or letting you lock a rate now for up to one year. These types of incentives indicate that there is a cooling in the market. Builders that had waiting lists for homes now have quick move-in homes available because people who joined their waiting lists have decided not to buy.

All of this doesn’t mean that buyers are in the driver’s seat when it comes to purchasing a home. it just means that the market is becoming a little more normal. In some neighborhoods and price ranges, buyers still compete against multiple other offers. It’s still a great time to sell a home, but it’s more important than it has been that your home is priced and prepared well. Once your property hits the market, your agent should market it well.

May Numbers:

$714,495 – Average closed price for all types of homes

$615,000 – Median closed price

5,445 – Closed homes

9 – Average days in the MLS

3,652 – Active listings at the end of the month

Ready to make your move? We’d be honored to help. Call David and Tom at 720-782-2468 and find out what your home could sell for in today’s market.

Metro Denver Real Estate Market Activity

During the last week:
New Listings – 1992
Back On Market – 277
Price Increase – 103
Price Decrease – 1241
Pending – 1714
Withdrawn – 179
Closed – 1555
Expired – 131

Previous Week:
New Listings – 1583
Back On Market – 261
Price Increase – 177
Price Decrease – 770
Pending – 1387
Withdrawn – 130
Closed – 1782
Expired – 185

Based on data from REColorado®

“David Lampe is an absolute joy to work with! I feel so blessed to have had his wise counsel and guidance in the sale of my home and the purchase of my new home. It is an honor to know him and was a great kindness to have him representing and protecting my best interests throughout the entire process !
Excellence in Real Estate 🌟🌟🌟🌟🌟”
– Tiffany C., Frederick

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