March ‘22 Market Update
Colin’s Insights: reflections from February & projections for March and beyond.
Colin's Insights
Truly a transformative + exciting time for the Denver + Boulder homes market as both have experienced the largest early jumps in appreciation ever recorded. During February we experienced 5%+ month-over-month growth in average sold price for single family detached homes in both markets. Both Denver and Boulder have broken records average sold prices for single family homes (Denver @ $738,961 and Boulder @ $1.606M).
There has never been a better time to sell a home than today. I anticipate we may be at the pinnacle of this extreme seller's market which will start to slowly balance out as the year marches on. Conversely, and while it is challenging to be a buyer in this market, the gains and security achieved through ownership have never been greater.
On the horizon:
look out for increases in inventory (seasonally predictable entering spring/summer) which will start to balance out the disparity between supply and demand.
increases in interest rates have already been absorbed, yet with ongoing international uncertainty they remain hard to predict. Hikes are coming to the Fed rate throughout the year.
From a buyer's perspective, this market may be even more expensive next year - if you are very price sensitive or just trying to get in, it is time to get serious.
Sellers will continue to dictate terms and maintain bargaining leverage through 2022. That considered, listings which aren't carefully marketed, properly priced, and expertly negotiated will start to suffer as increased supply comes on. This is your time to shine, so put your absolute best into the marketing of your home and capitalize on the opportunities this market is presenting.
Please know I'm always here to support your Real Estate endeavors and provide bespoke advocacy for your specific situation
- Colin
