Our team at Corken + Company has a list of year-end housing market stats to be educational as we move into the housing market of 2022.
Demand was strong in 2021 as buyers quickly scooped up available inventory as mortgage rates remained low. Throughout the year, new listings struggled to keep pace with demand and as a result, available inventory stood at record-low levels. In 2021, the average closed price for a home also hit record levels surpassing $610,000.
The average price of a single-family residence was 18% higher than we saw last year, and the average price of a multi-family/townhome/condo was 14% higher. Buyers were quick to sign contracts for homes, taking those homes off the market in an average of just 15 days.
Demand for homes was strong in the Denver Metro Area in 2021. This was due to low interest rates and prepared buyers. Throughout the year, the number of homes sold was down just slightly compared to the record-breaking year we saw in 2020.
The number of new listings that hit the market did not keep pace with demand, which made inventory a challenge throughout the year. Supply of inventory hovered at all-time lows throughout the year.
Homeowners who chose to put their homes on the market, saw prices skyrocket up 17% compared to 2020 figures. Many fielded multiple bids and all-cash offers.
2021 Closed Listings
The number of listings that closed in 2021 went down slightly from the record-breaking year we saw in 2020. This was primarily due to a lack of available inventory within the market.
Of all closed listings, approximately 69% were single-family residential homes with the remaining 31% being multi-family/condo/townhomes. The second part of the year was very active. June saw the most closed homes, 6,587, followed by July and August.
Inventory is expected to remain fierce, which could push prices higher.
2021 Pending Listings
- Motivated buyers who were prepared to purchase their next Colorado home, were abundant in 2021. In 2021 there were 63,251 contracts written on homes, which is down slightly from 2020 but 5% higher than 2019.
- The busiest months were May, June, and August. In these months, the number of listings moved to pending status climbed above the 6,000 mark.
2021 Closed Prices
- Strong demand and low inventory levels throughout the Greater Denver Metro Area kept closed prices high, up 17% from 2020 figures.
- Prices were at their lowest in January and reached a peak of an average of $640,552 in June.
- Compared to last year, the average closed price of a multi-family/condo/townhome was 14% higher than in 2020.
- The average closed price of a single-family residence increased 18% reaching $688,516.
- In 2021, 41% of listings that were sold had a closed price in the $400-500,000 or $500-600,000 price range.
- We saw increases in the number of listings sold in all price ranges $500,000 and higher. This drove the gross sales volume in the Denver Metro area to more than $38 billion in 2021. It was an increase that nearly mirrors the increase we saw in the average sold price.
Days in MLS
- Listings were available for sale in the MLS for an average of just over 2 weeks in 2021.
- Buyers were prepared to quickly put contracts in place on available inventory.
- The homes that into the pending status the quickest were in the $300-400,000 and $400-500,000 price ranges.