2022 started red hot. Scorching! As we predicted, interest rates have gone up. Some buyers have dropped out of the hunt, which impacted last month’s stats (provided by DMAR):
- A significant increase in listings.
- Homes spent more time on the market.
- A small bump in closings.
- Average sales price is stable.
These shifts are typical of our summers before COVID. So the second half of the year may be more “normal,” in line with our traditional real estate seasons.
Buyers, this could be your window of opportunity. With less competition and more inventory, your chances of purchasing could be better. Yes, your budget may be tighter, but if you can make some compromises, you could get into a new home this year. Sellers, our market is a little less competitive, but the average sales price remains a record-breaking high. It may take 2-3 weekends to go under contract (rather than within the first). Text, email, or call me at 303.912.5394 or colin@colinco.com.
