Talking Points?-- Week of March 20th
- Real estate prices continue to climb as a result of suppressed inventory and strong buyer activity.?
- 3 of the last 5 weeks have almost touched the 20,000 showing mark. All the while, interest rates are near and over 7%.?This is a testament to the resilience of buyers in this market.?Those out looking remain very serious.
- Year to date, we’ve had the lowest number of listings in the Denver market in the 2000s.?7,231 properties have been listed for sale year to date, 21% lower than last year and 29% lower than the last 15-year average of almost 10,200.?
- Inventory has climbed a bit since the end of February and is now hovering at 4,151 homes as of last Friday.
- January 2022 averaged a sales price for all property types at $590,936.?With incredibly low interest rates and insane buyer activity, by April we hit a high of $728,560. An 18.9% price increase in just 4 months.?By year-end, that price was down to $647,842.?That is an 11.1% price decline from the spring high to the December low.??
- Over the last 15 years, the average price decline from the spring high to the December low has been closer to 4.5%.?That means in 2022, fell further from the height than we have in at least 15 years.??
- As a result, prices are stable, but not sexy.?They are lower than at the same time last year.?This is NOT a bad thing.?This was the market correction needed after an unhealthy pace in 2022.???
What to Look for This Week
- The Fed's crucial two-day meeting begins today, with the Monetary Policy Statement and press conference coming on Wednesday.
- Housing news will also be in the spotlight, with February's Existing Home Sales and New Home Sales released on Tuesday and Thursday, respectively.
- The latest Jobless Claims will also be reported on Thursday as usual.