Read on for seasonal tips to consider and
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"July 2022 showed a summer market that is receiving a “cool off,” but with current conditions, it’s still not enough to push Denver Metro’s current seller’s market to a buyer’s market."
- Denver Metro Association of REALTOR® (DMAR)
As the market continues to readjust following the real estate boom that was seen during the pandemic, the Denver Metro housing market is experiencing relatively steady levels of home buying and selling. This slight slowing of the market is a sign that the housing market is re-stabilizing and providing buyers with more opportunities to find a home.
According to Denver Metro Association of REALTOR®; The current market shift is providing the opportunity for buyers to be more thoughtful about their home search and their choices in writing offers. Denver is still a seller's market, but it is feeling more hopeful for buyers than just one to two quarters ago.
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Housing Market Forecast for the Rest of 2022
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The housing market is shifting away from the intensity of the past two years. Here's what experts project for the remainder of 2022.
HOME PRICE APPRECIATION WILL CONTINUE
Nationally, home prices are projected to rise more moderately than last year, but aren't expected to fall. Prices are forecasted to climb by an average of 10.3% this year.
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MORTGAGE RATES WILL RESPOND TO INFLATION
"If consumer price inflation continues to rise, then mortgage rates will move higher. Rates will stabilize only when signs of peak inflation appear. If inflation is contained, then mortgage rates may even decline somewhat."
- Lawrence Yun, National Association of REALTOR® (NAR)
Forecasts for home sales have been adjusted down this year due to higher mortgage rates softening demand.
The expectation is home sales will be more in line with pre-pandemic years.
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Top Tips for Denver Metro Home Buyers:
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For the first time since before the pandemic, days on market went up, allowing home buyers to navigate their buying journey at a more relaxed pace.
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Showings are no longer impossible to book and most homes are selling at asking price, not above.
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Even though mortgage rates are higher now than they were through the pandemic, they are still more competitive than historical norms.
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Trying to time the market is nearly impossible, instead, if you are offered a rate that you like, lock it in with your lender since it may change in a matter of minutes.
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Top Tips for Denver Metro Home Sellers:
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Fewer buyers may be bidding over asking price, but it's still a competitive market.
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Prices dipped 3.33 percent from June 2022 compared to July 2022, which we will likely see continue as we head into the cooler months.
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Establish a selling timeline for your home and be ready to make price reductions as needed to make that timeline work. If your home takes three weeks to sell, what does that mean for your moving plan?
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June Market Snapshot ($1M+)
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Included Counties:
Adams | Arapahoe | Broomfield | Denver | Douglas | Jefferson
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Cherry Creek North Food & Wine 2022
Annual Cherry Creek North Food & Wine celebrates the diverse and sophisticated tastes of Cherry Creek North dining paired with wine, beer, spirits, live music and more!
Learn more here.
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August 26th - September 5th
Head to Pueblo for family fun at CO's 150th State Fair! A perfect way to close out the summer!
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RiNo Showcase Music & Arts Festival
RiNo's Showcase celebrates and shows off Denver's immense sea of talented local creatives and aspire everyday to give them the tools they can use to succeed in doing what they love!
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7 Great Alpine Lake Hikes in Colorado
Hiking is more about the journey than the destination, but backcountry trekking is only made that much better when the trail leads to a picturesque lake.
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How to Throw a Chic and Chill Colorado Summer Party
Calli Swofford, proprietor of Berkeley boutique Miller Lane Mercantile, shares her favorite ways to throw together an easy summer night gathering—with a fresh-from-the-farmer’s-market menu, laid-back tablescape, and, of course, plenty of chilled rosé.
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The Top Interior Design Trends to Watch, According to Experts
In 2021, people focused on pieces that mix style and practicality — think self-cleaning bidets for a more luxurious bathroom, for example. But this year, everything from bringing the outdoors into experimenting with pattern and texture, and finding design inspiration from past decades are of interest.
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Featured Listings & Sales
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1750 Wewatta Street, Unit 1213
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© Compass 2022 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
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