The number of new homes that
entered the market in December decreased from November by 35.19
percent, which is typical that the market sees a seasonal decline in
new listings as sellers pulled back to focus their time and energy
on the holidays. Throughout the year, inventory has gradually
increased, resulting in homes staying on the market longer before
going under contract, not necessarily more sellers entering the
market. In December, the median days in the MLS was 30, up from 21
in November and up from five days in December 2021. Year-to-date,
the total number of listings in 2022 was 60,164, down 9.30 percent
from 2021 as well as in 2020, 2019 and 2018. As a result, the total
number of closed properties in 2022 was 50,743, down 20.84 percent
from 2021.
The increase in interest rates and decrease in buyer demand impacted
home prices. The median sale price for detached homes in December
was $600,000, down 2.44 percent from November and 0.01 percent from
December 2021. Attached homes also showed a month-over-month decline
from $410,000 in November 2022 to $405,000 in December. Compared to
December 2021, the median sold price for attached homes increased
5.74 percent. For both detached and attached homes, the peak median
sale price for 2022 occurred in April, $680,000 and $440,000,
respectively.
To close out the year, the Luxury Market saw a 97.61 percent
close-price-to-list-price, down 2.99 percent from last year. While
there was less inventory from the prior month and from one year ago,
homes stayed on the market longer, giving buyers more time to shop
for the home they wanted to purchase. Sellers had to be patient in
December as homes took 10 days more to sell than the previous month
and 19 more days than one year ago at 28 median days in MLS. This
was down 55.56 percent from the prior month and 211.11 percent from
one year ago.
While homes were taking a little longer to sell, sellers received
5.69 percent more for their homes from the month prior at $390 per
square foot and 2.09 percent more from one year ago at $382 per
square foot. While buyers took their time shopping for detached
luxury homes, sellers also had time to relax because detached luxury
homes took 26 median days to sell. This was up 44.44 percent from
the month prior and 225 percent from one year ago. Last December,
the median days in MLS was eight days. Even though homes stuck
around longer in December, luxury sellers received six percent more
per square foot from the month prior and 3.63 percent from one year
ago.
Buyers shopping for luxury attached homes also found good deals as
attached homes were taking 28 median days to sell, up 55.56 percent
from the month prior and 115.38 percent from one year ago. Luxury
buyers shopping for attached homes were able to strike up a deal and
buy a luxury home at 97.89 percent close-price-to-list-price. This
was only down 0.12 percent from the prior month but was down 3.37
percent from one year ago. Sellers were gifted 3.79 percent more for
their homes than the prior month. While the price per square foot
was up month-over-month, we only saw a 0.95 percent decrease in
price per square foot from one year ago.
Archived Denver Real Estate Market Reports
Month-end Inventory, Average & Median Sales
Prices, Days on Market (DOM), Price Appreciation, Sales Volume & More!
Archived Denver Colorado Real Estate Market Snapshots
A graphical look back at market stats and trends since
2015 : Infographics compliments of Anthony Rael
NOTES:
Interview requests from the
media should be directed to DMAR's Marketing Communications at (303)
300-8490
MLS stats are tracked in arears, so the published report is
for the previous month-end activity
The DMAR 'Premier
Market' is defined as $500,000 to $749,999
The DMAR 'Signature
Market' is defined as $750,000 to $999,999
The DMAR 'Luxury
Market' is defined as $1,000,000 and over
11-Counties:
Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas,
Elbert, Gilpin, Jefferson & Park
Research: Denver Metro
Association of REALTORS® Market Trends Committee
The DMAR Market
Trends Committee, part of the Denver Metro Association of REALTORS®,
provides timely, consistent, and relevant monthly summaries of valuable
local real estate market statistical data for both its members and the
general public. Statistics from the “Denver Metro Real Estate Market
Trends Report” provide data for the following counties: Adams, Arapahoe,
Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin,
Jefferson, and Park. Source of the reported data is REcolorado.
Real Estate Snapshots & Infographics
Courtesy of:
Anthony Rael, RE/MAX Alliance
