Metro Housing Inventory on the Rise

According to the Colorado Association of Realtors, the number of single-family homes and condo townhomes for sale increased 44% from May to June 2022, but median home sale prices are up more than 10% both locally and statewide.

On CAR spokesperson in Douglas County noted that as fears of inflationary pressures reach households through the grocery store and gas pump, home buyers have adopted a more cautious attitude. Another CAR spokesperson from Fort Collins further explained: “Regardless of what the numbers tell us, the reality is there are still large numbers of buyers driving demand for housing in spite of key variables that include summer travel, inflation, rising gas prices, and rising interest rates.”

Industry pros agree the purchasing experience has improved, with buyers having a little more time to think about a purchase, and not having to remove every contingency. Those with low down payments actually have a shot at getting a home now, and as buyers get used to higher rates, it appears our markets will remain strong.

Sellers, on the other hand, price right, prepare for longer days on market, slower showings and buyers that are not nearly as motivated as they were just three months ago. While home prices remain high, sellers are realizing now might be the highest price they will get for their real estate in the near future and home prices are seeing some adjustments as the interest rate increase. The price they may have received in March, isn’t likely to be the price they would get today.

If you’re potentially looking for a new home in 2022 and have stayed on the sidelines, now might be a good time to get in the game. It’s still considered a seller’s market, but buyers are finding themselves a bit more in control. Contact Metrowest today and let’s discuss your options.