The market saw a staggering 33.41 percent decrease in month-end active inventory from October to November, 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.
Over the past five years, month-end active inventory dropped between 23.36 percent in 2016 and 27.92 percent in 2019. Theoretically, if inventory stayed the course and dropped 25 percent this year, the market would end 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 set that 2022 will be a wild and competitive ride.
Despite high competition on the horizon, people continue to buy and sell relentlessly. Year-to-date, more houses have been 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.
While it may be common for buyers to take their foot off the gas and enjoy December festivities, this is the year to put the pedal to the metal in trying to find a property. Interest rates are low and looking while others do not give one a competitive advantage, which is a must in this current market.