Realtor Group predicts extreme seller’s market in 2022
The state’s largest real estate association has predicted a massive inventory shortage in 2022, creating an “extreme” seller’s market in the New Year. The Denver Metro Association of Realtors (DMAR) has advised prospective buyers to buy sooner than later in order to avoid an incredibly competitive market in 2022. The metro Denver area already set a new record for the lowest inventory on record for November.
The average sale price of a single-family home in metro Denver was $703,847, an increase of $92,068 from the same period a year ago. This is only the second time in the city’s history that the number has surpassed $700,000…the other being in June this year at $725,278.
From October to November, the metro Denver area saw a 33.41 percent decrease in month-end active inventory, dropping to 2,248. There are only 1,444 single-family detached properties and 804 attached properties to buy as of November in the metro Denver area. Inventory is expected to decrease yet again in 2022, stoking the fires of another very competitive market.
Metro Denver’s active listings available at the end of November declined by 34.17 percent over last year. The November median sale price was $543,000, up 16.77 percent over last year. The average home spent 15 days on the market during November, seven fewer days than the same time last year. The average price of a single-family detached home is currently $703,847, an increase of $92,068 from the same period a year ago.
One home that was selected at random from the MLS was put on the market in November with startling results. Located in Centennial, the four-bedroom home offers approximately 2,800 finished square feet (including a finished basement), three baths, and a two-car garage in a quiet, well-maintained neighborhood. Listed at $620,000, the home had 29 showings during its first full day on the market and an offer of $750,000 was accepted. Pretty amazing whether you follow the real estate market or not.