It’s No Cake Walk
As we enter into April, we are in the thick of the springtime market! Between rates going up and more homes hitting the market, wild things are happening! Curious about what’s been going on?!?
Let’s start at the beginning. This past month, we saw a massive inventory spike, thank goodness!!! Things were looking bleak for a while, with over 81% more homes hitting the market, sitting at just over 2200 new properties in the metro area. While we see this dramatic number, do keep in mind it’s easy to go up when you are at basically zero…this is GREAT news for all my buyers out there. As we have all been saying, springtime is when things get cray. We see the most amount of new homes hit the market, but we also see the most amount of buyers in the buyer pool.
The Denver market also saw a historical average sales price for both attached (condos and townhomes) and single-family homes. The average home price for a single-family is $797,937, and attached homes are sitting at $495,937. Numbers the metro areas have never seen before. And with rising interest rates, buyers are seeing and feeling the effects of higher monthly payments and higher home costs.
Even more astonishing has been the average home appreciation rate. We are sitting at over 19% as the average appreciated rate across the seven metro counties. Yes, you read that right, close to 20% appreciate in home values. So if your motto is, “let’s wait it out,” I am not sure that is the right move. While springtime is always busy, the home prices are trended to continue to rise, and with higher interest rates, that same home will only cost you more.
As we continue to chug through the thick of the busiest selling season in Denver, I am excited and curious to see how early summer shakes out. While June, we usually see a teeny tiny chill zone. Will this year be the same?? Only time will tell!