With active listings and inventory rising across the seven-county metro area and state, slowing sales and fewer new listings have kept the full swing of the real estate pendulum in check, according to the July 2022 Market Trends Housing Report from the Colorado Association of REALTORS®. The combination of factors, including rising interest rates, is giving potential buyers a few more options and opportunities but it remains a seller’s market as median pricing holds strong.
In the metro-Denver market, the inventory of active listings rose nearly 10% for single-family homes and more than 11% for condo/townhomes. Statewide, those numbers were up 8.7% for single-family and 9.4% for condo/townhomes. Those numbers helped push the months supply of inventory for single-family homes in metro Denver to 1.9 months – up 72% from a year prior – reaching a volume not seen in approximately two years. Statewide, that figure did hit the two-months supply mark and is up nearly 54% from July 2021.
Traditional seasonal slowdowns and uncertainty among sellers also helped drive down new listings approximately 15% between June and July across all product types statewide. In addition, the percentage of list price received also dipped approximately 2% across the board and ranges from 100.1% for single-family homes statewide to 100.9% for condo/townhomes in the Denver metro market.
Estes Park/Larimer County
“Larimer County has been showing some relief from the feverish market experienced the last year, specifically in terms of more time that listings are on the market and the percent of list price received. New listings aren’t popping up to meet the demand and the ones currently on the market are selling. Seeing that there are some price reductions as well indicates that listing prices were inflated and coming back to reality, or closer to it.
“New listings for single-family homes have continued to decline. Compared to July 2021, new listings have plummeted 33.33%, and year-to-date they are at -17.9%. Days on market for single-family homes have stayed fairly steady compared to last July with an average of 35 days, compared to 38. The average sales price continues to build momentum. With a 10.8% increase at this time last year, we now see a notable increase of 18.5% year-over-year. The percentof-list-price received is dropping a bit. In July 2021, sales were at 103.4% of list price, and this July it dipped 2.5% to fetch just over list price at 100.8%. It seems single-family homes are the hot item in the housing market in Larimer County.
“The townhouse/condo market is a completely different beast today. The stats are all over the place with low inventory and increasing prices, yet there is a delay in days to close. New listings are down 16.9% from July last year, and year over year are down 22.6%. The average sales price has stayed at a consistent increase, along with single-family homes, with a 13.8% bump compared to July last year. The percent-of-list-price has reduced as well, to 1.9% year over year and 0.9% compared to July 2021. The craziest stat is average-days-on-market, where we’ve gone from 59 days in July 2021 to a whopping 113 this past month, a 91.5% increase. Are condos becoming less desirable as the affordability wanes?” said Estes Park-area REALTOR® Abbey Pontius.
July teases the start of a new real estate game for second half of 2022 – Estes Park Trail-Gazette & Latest News Update
July teases the start of a new real estate game for second half of 2022 – Estes Park Trail-Gazette & More Live News
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July teases the start of a new real estate game for second half of 2022 – Estes Park Trail-Gazette & More News Today
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