Denver’s real estate scene remained hot throughout the year, and there are few indicators that that will change as we welcome 2022. Denver’s metro area remains a seller's market, according to the November trends report from the Denver Metro Association of Realtors (DMAR). Last month the Mile High City saw a steep drop in housing inventory, as people continue to buy and sell quickly.

According to DMAR, between October and November, the market experienced a staggering 33.41 percent decline in month-end active inventory, which fell to 2,248. There are currently only about 1,444 single-family detached properties and 804 attached properties available for purchase throughout the Denver Metro area.

Despite the prospect of increased competition, people continue to buy and sell continuously. Year to date, more homes have been bought than at any point in the previous five years, with the median sales price for single-family and attached properties setting a new record high of $525,000. Prices have been stable month after month, opening a window of opportunity for buyers who were previously burned out during the home search process. Interest rates are still low, and the changing market is good for both buyers and sellers.

According to the DMAR report, the median price of a single-family home sold in November was $600,000, which was 2.74% higher than October's median price and is a 17.65% increase from last November. The average closing price was $703,847, a 2.81 percent increase from October and a 15 percent increase from the previous year. The attached and detached segments both had close-price-to-list-price ratio averages of 101.45 and 101.70 percent respectively. To give that a little context, a high list-to-sell ratio indicates a healthy real estate market in which buyers and sellers negotiate less over the sales price.

With Christmas over and a new year just around the corner, could now be the time to consider homeownership? Contact Metrowest today – we’d love to discuss your options!