The Denver area market showed very strong sold/closed statistics in April of 2022. The slowest market in the extreme southwest Metro Denver area zip code of 80135 showed 11.92 weeks of inventory, at an average sold price of $2,465,375, while the most aggressive was the Lowry area zip code of 80230, averaging $1,588,571 with no standing inventory.
Out on the limb prediction: May closings will show a slight slowdown, as the pace of pending contracts slowed in April.
The external factors of higher interest rates, strong inflationary issues in the fuel and agricultural sectors, and the uncertainties stemming from the Russia/Ukraine war will act to slow the housing market. But be aware that slow does not mean stop. The population demographics that are pushing the market have not changed, and will not until late in this decade. We simply have more needs than available products.
Out on the limb prediction: The housing market will begin to level, with slight increases and decreases on a month-to-month basis. Prices will stabilize over the balance of 2022. The predictions from economists and the many market observers offer a wide swing in predictions regarding interest rates, inventory, builder starts, and any other overall market segment remotely related to or dependent on the housing market. As one of the observers, I am taking the conservative middle ground based on the overall need for housing by the expanding Metro Denver population, at least for the remainder of 2022.
Novella Real Estate