Our team at Corken + Company has the March 2022 real estate market update. February continued a pillar of strength in the Colorado economy, despite global uncertainty.
With 5.36 percent month-over-month appreciation and interest rates increasing, an individual’s buying power steadily declined. While the 2020 and 2021 markets were quite different, there was one common denominator: hyperactive buyer demand.
Inventory
The first two months of 2022 were guided by a lack of inventory and sales. By the end of February 2021, 8,761 properties were active on the market. In 2022, the market has only seen 7,671, a 12.44 percent decrease in listings in two months. This number directly correlates with the 13.31 percent decrease in closed properties so far this year. The lack of supply coupled with the surplus of buyers has caused prices to quickly increase, leading to an unprecedented close-price-to-list-price ratio of 104.75 percent.
Days in the MLS
For detached homes, the median days in the MLS was just five days. For attached homes, the median was just three days. Most homes within this price will go under contract within the first week of being on the market. In February, the close-price-to-list price was 105.52 percent, up 3.61 percent month-over-month and up 5.84 percent year-over-year. New listings year-to-date for properties over $1 million, for both attached and detached, were up 17.18 percent. The market as a whole has seen a 7.44 percent decrease in new listings compared to this time in 2021.
Luxury Real Estate
The Luxury Market continued to show strong growth in February. Month-over-month, for detached homes, the sales volume increased 43.14 percent and 32.04 percent for attached homes. There was also a rise in listings above $1 million, with 434 new listings in February compared to 330 in January. The intense demand for homes made those listings go quickly, with 97 percent of new listings going under contract in February. In general, the Luxury Market has less than two weeks of inventory for both attached and detached homes.
Our dedicated team is always here to help you stay up to date on all things happening in the current market. We’re here to help you navigate the market no matter what the month.
Read the full March 2022 real estate market report here.
