April of 2022 ended with the metro area housing market adding much needed inventory. The 11 county metro area added 44% more residential properties to the market, versus March.
The average closed price in April rose to $726,988. This gain is 17% year over year, and 3.4% higher from the month before. Although Inventory Is Increasing, showings, and bidding wars are slowing down.
Interest rates on a 30 year fixed mortgage are at 5.1% per Freddie Mac. Effects of a rate trap will continue to play out, after years of record low rates discourage homeowners from trading up, adding to already low Inventory.
Appreciation may slow considerably, and buyers should benefit from more normalized market conditions. Regardless if you are buying or selling, our experience and local knowledge are invaluable In helping you navigate the Denver metro real estate market.