February ‘22 Market Update
Colin's Insights and Highlights for February
January’s Successful Client Experiences
Colin’s Insights
Low inventory and early season demand continue to be the hallmarks of our market in the Front Range. Homes are often selling for over list price (sometimes significantly so) with multiple offers being the rule, not the exception. Buyers will see this desperately low inventory rise seasonally which should offer some relief to the imbalance, yet contend with rapidly rising prices and interest rates which have started to take off as well.
February and March closings will tell the story of what I hypothesize as the largest jump in average sold prices in a single quarter we have ever seen. Those sales will then be used to price second quarter listings, and we may see another jump till a slowdown post 4th of July.
Sellers: this is your time to capitalize on likely the most extreme seller's market we are going to ever experience.
I do believe this is a pivotal time in our market as rising prices coupled with interest rate increases aren't on the side of the buyer, however once you're in (as an owner) the market is showing signs of continued strength. For years I've been sharing how important it is to get into this market (if that is/has been/will be) a goal of yours. Now more than ever its crucial as this may be a new normal with prices stabilizing at very high numbers and interest rates increasingly becoming a factor which will influence our market for years to come.
Since Q3 2021, buyers have seen a gentle reprieve from the heated summer and fall months with increased days on market across the board, but it was still a competitive time to be searching for a home. The importance of working with an experienced, transaction-savvy broker has never been more prominent than within this historic moment of the industry.