Douglas County – June 2022
Buying a home, whether it be your first time or the third, is always an exhilarating, emotional and hopefully deeply satisfying experience. Especially for those who have been in the marketplace longer than a few months; who are very familiar with trying to find that perfect forever home while coping with the fierce competition.
Hold steady, because there are signs that the frustratingly low inventory in the housing industry may be over. Recent trends, such as cultural, social and economic situations, show that change has already been initiated. Those low inventory levels that have been artificially driving home sale prices are slowing down.
The most recent change with the rippling effect is an increase in mortgage interest rates. Higher rates have a lot to do with holding down further high jumps in prices while possibly spurring greater sales this past May.
As home buyers in the Douglas County marketplace discovered, although qualifying for a loan got a tad harder, the average mortgage payment was offset by the lower sale price. Leading to 787 sold and closed homes in May from the 1034 inventory available just in time to enjoy Memorial Day picnics in the new backyard.
Last year, May saw 841 sales from an inventory of 912. The changes taking place now most likely won’t be reflected in inventory and sales figures for another few months.
However, with the residential construction increases, consumers found the heady feeling of homes to choose from for the first time in months! On average, inventory reduced within 28 Days on Market, compared to 26 in May 2021.
Plans to move are in the works for a continuing record number of people according to a recent report. Average sale prices this past May of $845,809, increased from $709,947 May 2021, are not proving any discouragement in carrying out those plans.
The trend that started in early 2020, where remote working conditions relegated commute factors to the back seat of priorities, continues today. New statistics show over 32% of those considering a home purchase are looking outside and away from past commuting time and distance concerns for work.
As we move into the summer sale season, contact me for the most up-to-date, relevant real estate information to help you make your best selling and buying decisions. With local data you have the inside tract on sale prices, selling time frames and marketing solutions to reduce the stress of moving and increase the satisfaction quotient of your next move.
Real estate pro Brian Chandler of RE/MAX Alliance Group is a top producer and sales trainer located in the Parker, Colorado, area. Whether you’re buying or selling, team up with Brian today! 720.808.1007 What is it like Living In Parker Colorado? Read more articles like these Top Realtor Info Contact Brian Chandler