Our team at Corken + Company has the April 2022 real estate market update. Here we see that despite increased inventory, there is no sign of the market slowing down any time soon.Buyers who have started to feel fatigued in the residential market with feel a positive impact. This will be due to the large increase in month-end activity and new listings hitting the market. At the same time, current homeowners continue their unprecedented growth in equity. With a historically high average sales price of $705,812 and increased interest rates, many buyers who saw their potential monthly payments drastically increase received a sign of reprieve. Month-end active inventory went up 81.16 percent from February to March. The additional 995 new listings on the market at the end of the month also served to slightly aid the balance of supply and demand. While the percentage increase is substantially higher, having such low initial numbers yield a higher percent change. Along with the 43.57 percent increase in new listings, this will serve to help balance the accelerated price appreciation the market has recently seen. The Denver market currently sits at 19.88 percent appreciation compared to last year. While waiting may create more options, it does not guarantee more value. Last month alone, the average sales price increased 9.02 percent to $58,418. The market continues to move forward rapidly, just not as fast as the past couple of months, and the decreased speed will be felt in the coming months, creating the allure of more balance.
The luxury market
Meanwhile, in the Luxury Market, buyers saw the largest rise in inventory of any price point. House hunters in the $1M+ range felt some relief from the historically tight market with a 58.22 percent increase in the detached market and a 60.53 percent increase in the attached market for the number of homes available for purchase from February.
Need help navigating the market this month? Contact the Corken + Company team for Real Estate Solutions Without Limits.
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