From October to November, the market saw a staggering decrease in inventory.
There was a 33.41% decrease in month-end active inventory, dropping to 2,248. Throughout the entire Denver Metro area, there are currently only 1,444 single-family detached properties and 804 attached properties to buy.
2022 could be the most competitive year yet. Over the past five years, month-end active inventory dropped between 23.36% in 2016 and 27.92% in 2019. Theoretically, if inventory stayed the course and dropped 25% this year, the market would end the year at 1,686 active properties leading into 2022, which is drastically lower than the end of 2020 and would lead to the most competitive year yet. With 2,248 active listings on the market and that number expected to go down by the end of the month, expectations are that 2022 will be a crazy year.
Despite high competition on the horizon, people continue to buy and sell.
Year-to-date, there have been more houses purchased than in any of the previous five years, with the median sales price for single-family and attached properties setting records at $525,000.
In the luxury market, Denver has more buyers ready to spend $1 million or more on their home today than any other time on record.
With prices higher than ever, November 2021 was more of the same record-breaking trends with lowest inventory, lowest days in MLS, highest sales volume and highest average prices.
Last month, inflation drove up the prices for Denver real estate.
The sales volume in the luxury market is the highest the market has seen in the last five years, up a staggering 69.17% from last year alone. When breaking it down to the attached market, luxury sales are up a whopping 145.84% year-over-year, likely due to the lack of interest in attached living in 2020.
*Written December 8, 2021. Updates may be available after this date.