Market Update: Denver, CO May 2022
Gradual increases in available homes have signaled that Colorado’s overall real estate market is receiving some economic stimulus. With this inventory rebound marking that interest for Colorado, a prominent outdoor-enthusiast state, is still appealing to the country’s overall real estate audience.
For homebuyers, this much-needed relief is showing that the accumulating increase in active real estate throughout Colorado is reaching a statistical sales volume, as outlined in a recent market update by LIV Sotheby’s International Realty.
A total sales volume of $3,638,823,199 was recorded in April 2022, which reflects an 8.6% increase compared to last year’s total sales volume of $3,349,250,099.
The total amount of listings experienced a decrease of 7.9%, according to the report. The total number of listings sold in 2022 was 5,061, compared to 5,496 in April 2021.
Though the total amount of listings decreased year-over-year, the average sale price increased a total of 18% throughout the year. Where the Average Sold Price in April 2021 was $609,398, the Average Sold Price in April 2022 rose to $719,993. The price per square foot rose to $331, a 21.2% increase.
“While homebuying has slowed in several areas across Colorado, home prices continue to appreciate as the year progresses” (LIV Sotheby’s International Realty).
With so many attributes to admire about Colorado, and with the real estate volume gradually climbing, countless reasons are attracting more people to the Centennial State. ‘Colorful Colorado’ is nothing short of its magnificent scenery and seasonal hues, and as such is reflected in its ever-growing real estate.