Home prices remained strong, reflecting double-digit year-over-year gains thanks to strong buyer demand and inventory levels that remain at record low levels.
The number of listings that closed in January was down 9% from January 2021 and lower than we’ve seen in January in since 2015.
Buyer activity picked up during the month as indicated by a seasonal increase in the number of listings in Pending status. Available listings moved to the Pending status in a median of 5 days.
The number of new listings of homes for sale did not keep pace with buyer demand. In January, buyers found the most new inventory in the $400-500,000 price range.
After a very busy 2021, the count of listings that sold in the Denver Metro Area in January was down 9% year over year and the lowest we’ve seen in January since 2015. Compared to last month, the number of closings saw a seasonal decrease of 37%.
In January 3,852 listings moved to the Pending status, 11% fewer than January of 2021. Buyer activity picked up in January following the typical holiday season break. As a result, we saw 21% more listings in the Pending status as contracts were written on homes. The number of listings that are pending are typically an indicator of sales totals for the upcoming month.
Home prices saw another double-digit year-over-year increase. Compared to last year, the median price of a home sold in the Denver Metro Area was up 19% with the median closed price of a single-family home continuing to hover near the $600,000 mark. Month over month, home prices have remained relatively steady following the June 2021 peak.
Sellers brought 16% fewer new listings of homes for sale to the market this January as compared to January 2021. Although the number of New Listings saw a seasonal increase of 38% from last month, there is still not enough inventory to meet buyer demand. We should continue to see an uptick in the number of listings brought to the market as the home buying and selling season ramps up.
Days In MLS
The median amount of time a listing is actively available in the MLS was 5 days in January, which means more than half of all homes that moved to the Pending status did so in 5 days or fewer. Contracts were written on homes very quickly in 2021 and it appears the trend will continue into 2022.
We continue to see the number of listings actively for sale in the MLS fall to all-time lows. A listing is no longer considered “Active” when it has a contract on it and is moved to Pending.