DENVER REAL ESTATE: Nearly 80% of homes are off the market in 2 weeks

(Stacker) – If anything can be said about the current state of the real estate market, it’s that change is coming. Over the past two years, the pandemic has kept US mortgage rates extremely low, with rates dropping below 3% at times. These record high mortgage rates have made it much cheaper for buyers to borrow money to buy a home, despite soaring home prices in markets across the country.

This trend has now changed course. By the week of Feb. 11, 30-year fixed-rate mortgage rates had topped 4% for the first time since 2019. That’s not just a jump from the previous week, when rates hovered around 3.83%, but it’s also an unfortunate milestone for borrowers looking to buy homes at record rates. This rate change could also have a significant impact on other segments of the market, from refinancing loans to mortgage application rates, over time.

Nor is it the only significant change in the real estate market that has occurred this week. Not only are buyers facing rising interest rates, but home prices also continue to soar. Right now, homebuyers are currently facing one of the most expensive housing markets in history and, in turn, the average size of purchase loans has increased. The average purchase loan size for conventional loans set a new record high of $453,000. The higher average mortgage is a clear sign that homebuyers are borrowing larger sums to buy homes in this expensive market.

To help you stay on top of what’s happening in the housing market, real estate platform ZeroDown has compiled a weekly real estate market report for Denver using data from Redfin. Housing Market Stats presents data for the four weeks ending January 30, 2022. Metros with more than 50 homes sold during the period were considered for metro-level rankings for each statistic.

Median selling price

Denver Metro Area:
– Median selling price: $539,750
– Change over one year: +18.5%

Metros with the highest median sale price
#1. Metro San Francisco, California: $1.4 million
#2. Metro San Jose, CA: $1.4 million
#3. Metro Santa Cruz, CA: $1.1 million

Subways with the lowest median sale price
#1. Cumberland Metropolitan Area, MD: $119,208
#2. Bay City, MI Metro Area: $119,612
#3. Saginaw, MI Metro Area: $132,788

Median selling price per square foot

Denver Metro Area:
– Median selling price per square foot: $269
– Change over one year: +18.9%

Metros with the highest median selling price per square foot
#1. Metro San Francisco, CA: $989
#2. Metro San Jose, CA: $823
#3. Kahului, HI metro area: $821

Subways with the lowest median selling price per square foot
#1. Cumberland Metro Area, MD: $80
#2. Bay City, MI Metro Area: $87
#3. Youngstown, OH metro area: $88

Sales/list price ratio

Denver Metro Area:
– Average ratio of sales to list price: 1.02
– Change over one year: +0.01

Metros with the highest sales/list price ratio
#1. Metro San Jose, CA: 1.10
#2. Oakland, CA metro area: 1.07
#3. San Francisco, California Metro Area: 1.07

Metros with the lowest sales/list price ratio
#1. Rome, Georgia Metropolitan Area: 0.96
#2. Cumberland, MD metro area: 0.96
#3. St. Joseph Metropolitan Area, MO: 0.96

Homes sold with price reductions

Denver Metro Area:
– Houses sold with price reductions: 18.9%
– Change over one year: -3.0%

Metros with most homes sold with price cuts
#1. Pass grants, GOLD metropolitan area: 39.3%
#2. Metro Morristown, TN: 37.2%
#3. Eau Claire, Wisconsin metro area: 36.3%

Metros with the fewest homes sold with price reductions
#1. Hinesville, Georgia metro area: 7.6%
#2. Clarksville, TN metro area: 8.2%
#3. San Jose, CA metro area: 8.4%

Out of market in two weeks

Denver Metro Area:
– Out of market in two weeks: 79.7%
– Change over one year: +4.8%

Metros with the most homes off the market in two weeks
#1. Seattle, Washington Metro Area: 80.9%
#2. Denver, CO metro area: 79.7%
#3. Coeur d’Alene, ID metropolitan area: 75.9%

Metros with the fewest homes off the market in two weeks
#1. Myrtle Beach, Metro SC: 0.8%
#2. Oshkosh, Wisconsin metro area: 3.8%
#3. Green Bay, WI Metro Area: 4.4%

Months of supply

Denver Metro Area:
– Months supply: 3.6 months
– Change over one year: -1.3 months

Metros with the most months of supply
#1. Atlantic City, NJ Metro Area: 23.9 months
#2. Beaumont, Texas metro area: 23.2 months
#3. Cumberland, MD Metro Area: 20.9 months

Metros with less months supply
#1. Metropolitan Lewiston, ME: 1.6 months
#2. Portland Metropolitan Area, ME: 2.8 months
#3. Olympia, WA Metro Area: 3.0 months

This story originally appeared on ZeroDown and was produced and distributed in partnership with Stacker Studio.

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