From October to November, we saw a 33.41 percent decrease in month-end active inventory, dropping to 2,248. Throughout the entire Denver Metro area, there are only 1,444 single-family de- tached properties and 804 attached properties to buy.
At the beginning of 2021, there were conversations about what type of responsibility we as Realtors@ have to our clients. How far from the comps are we willing to stray with the hope that the market will keep appreciating and our clients will be sitting in equity in a short amount of timed At the beginning of the year, offers six figures over asking price were common. That need subsided by the end of June and has been less common ever since. With 2,248 active listings on the market and that number expecting to go down by the end of the month, 2022 could be a wild ride.
Over the past five years, month-end active inventory dropped between 23.36 percent in 2016 and 27.92 percent in 2019. If inventory dropped 25 percent this year, we would end the year at 1,686 active properties leading into 2022. That is drastically lower than the end of 2020 and could lead to the most competitive year yet.
Even though high competition may be on the horizon, people have been buying and sell- ing. Year-to-date, there have been more houses purchased than in any of the previous Ave years. The median sales prices for single-family and attached properties set records. While it may be common for buyers to take their foot off the gas and enjoy December festivities, this is the year to put the pedal to the metal in trying to find a property. Interest rates are low and looking while others are not gives you a competitive advantage, which in this market is a must.
Andrew Adams, Chair
Market Trends Committee
Denver Metro Association of Realtors