Hop on the ride! Colorado Real Estate Market Update
The last few years have been exciting times and the Colorado real estate market has definitely been along for the ride. The month of April was no exception to the rule and we saw not only new records both statewide and in the Denver Metro area, but also some new shifts in interest rates and showing activity that are making people go hmmmmmm.
Here is a quick snapshot of the statewide single family home data. Looks like a pretty fun roller coaster!
New Statewide Records in April 2022:
1.Both single family and townhome/condos set records for highest average and median sales prices
Single Family Home Average Sales Price
Single Family Home Median Sales Price
Townhome/Condo Average Sales Price
Townhome/Condo Median Sales Price
2.Both single family and townhome/condos set records for highest percentage of list price received
Single Family Home % of List Price Received
Townhome/Condo & of List Price Received
3. Both single family and townhome/condos set records for shortest days on market until sale
Single Family Homes Days on Market
Townhome/Condo Days on Market
4. The housing affordability index is the lowest since 2010 (which is when the data began being tracked by the Colorado Association of Realtors)
The Denver Metro area also set a number of new records in April including highest average and median sales prices, average days on market, and lowest months of inventory for attached homes in any April on record according to the Denver Metro Association of Realtors.
These new records indicate that the real estate market is still looking up for sellers and that buyers are still being aggressive when it comes to making great offers very quickly. However there were some notable downturns that made this market really hit the stomachs on this ride.
In Boulder and Broomfield counties, Easter weekend was a big turning point where showings that were averaging about 20-30 per weekend dropped to 5-6 per weekend. Many homeowners who were expecting a big turnout found themselves shocked and wondering what happened. Many homes also survived the weekend, which has been very rare. This shift was largely due to both the rise in interest rate and an increase in the number of active listings, which rose 26.62% from the month before.
And while all this change may seem scary, there is a silver lining. More inventory means buyers may not have to compete as fiercely as they have been previously and the rise in interest rate also may have decreased the amount of buyers to compete against. For sellers, this means you may have found the answer to the question "I want to sell, but where will I go?" and for buyers, the process just got easier.
And while the interest rates are higher than they have been in the past few years, they are still below the historical average for the past 30 years, so this still might be the best time to get out there and make your home dreams a reality.
Want more specific details about your county, city, neighborhood, or home? We have you covered. Click below to get your complimentary real estate review! Until then, keep grabbing the good life Colorado.