If you’ve been noticing changes in the local housing market, you’re not alone. Buyers, sellers, and the agents who help them can attest to the changes, although some are subtle. Here’s an insider’s view of the local market from the Colorado Association of REALTORS® (CAR®).
Denver
Year over year, there was a 50 percent increase in active listings and a 72 percent increase in single-family home inventory in July 2022. Median sales price dipped slightly from June 2022 ($750,000) to July 2022 ($723,750). A Denver agent puts in perspective: “Before you read that last number and wonder if that means prices are decreasing, the answer is a resounding no.” He notes that June historically records the highest home prices, and that this July’s prices are still high compared to a year ago.
Boulder | Broomfield
CAR Spokesperson Kelly Moye says that Boulder-Broomfield is still very much a seller’s market. “Broomfield homes are still flying off the market in under 11 days, and prices are up 9.5 percent since January,” she says.
Aurora
CAR Spokesperson Sunny Banka has noticed more contracts falling through and more price reductions on listings. While the Aurora market remains strong, she says this year has brought “additional opportunities for buyers who are keeping a close eye.”
Douglas County
CAR Spokesperson Cooper Thayer cites an interesting metric: Percent of list price received in Douglas County decreased from 101.5 percent to 100.2 percent, suggesting that sellers are listing their homes more modestly. “Slow can seem scary, especially accompanied by headlines about recessions and bubbles,” said Thayer. But he points out that it’s a step toward normalcy. “The shift we are seeing in the markets right now is likely driven by real estate’s natural seasonality, and actually represents a more healthy market in my opinion."