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Metro Denver Real Estate Market Update, June 30, 2022

You may see news that says “Home Prices Soar.” Be sure to look at the data in those reports carefully. Most of this reporting refers to a CoreLogic Case-Shiller report that speaks to rising home prices in April. The report says, “Nationwide, home prices posted another record-high year-over-year increase in April, marking the 123rd straight month of gains.” 

It’s important to note that buyers and sellers signed contracts in March for homes that sold in April, so those numbers don’t reflect our current reality. 

Inventory is still low, and homes are selling quickly, but prices aren’t rising like they were. Unfortunately, many sellers don’t understand that the market is cooling.

In some markets, like Phoenix, Austin, and Boise, almost 50% of the homes for sale have been reduced in price. That’s not good news for sellers. When sellers reduce their asking prices, homes sit on the market longer, and sellers often earn less money than they would if they had priced lower from the beginning. 

Locally, more sellers are reducing their prices. 

In Westminster, in mid-May, 16% of the homes for sale had been reduced in price. A week later, that number had risen to 23%. This morning, 44% of homes for sale in Westminster have been reduced in price.

The trend is similar in Highlands Ranch. In mid-May, 32% of homes for sale had been reduced in price. A week later, it was 37% of homes. Now, 45% of homes for sale in Highlands Ranch have been reduced in price.

In Denver, sellers reduced the asking price on 20% of the homes on the market in mid-May. A week later, 24% of homes had reduced prices. Today, in Denver, that number has risen to 34%.

Note: You may notice that the number of homes for sale this week decreased compared to the week before. Many sellers wait until after the Fourth of July holiday to list their homes, so we expect listings to rebound after the holiday.

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 – 1696
Back On Market – 296
Price Increase – 96
Price Decrease – 1613
Pending – 1565
Withdrawn – 170
Closed – 1436
Expired – 141

Previous Week:
New Listings – 2064
Back On Market – 331
Price Increase – 112
Price Decrease – 1537
Pending – 1558
Withdrawn – 166
Closed – 1386
Expired – 159

Based on data from REColorado®

“David and Tom were extremely patient and professional while helping me find my new home. As with any home buying process there were a few quirks, but Tom and David were both extremely responsive, and knew exactly when to bring some levity to the situation. I cannot thank, and recommend, them enough!”
– Michael H., Lafayette

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