October 2022 Real Estate Market

Here’s your October 2022 Real Estate Market Update for Larimer, Weld, and Boulder Counties!

Here’s a quick translation of these stats

Note: If stats bore you, please skip to the bottom to see my Quick and Dirty Summary of How These Numbers Actually Impact You. I won’t be offended. Pinky promise.)

Current Homes For Sale

After seeing a dip in this number, we have seen the number of current listings slowly climb, closer to 2020 levels. While this number is a bit lower than September’s, this is totally normal for this time of year. I usually tell my clients to expect a drop in listings every year between Halloween and the Super Bowl.

Closed Sales

The number of homes actually sold in October is down a bit from last month, and even October 2021 and 2020. It’s no secret that one of the main reasons for this is the sudden and ongoing rise in interest rates earlier this year. Higher rates make home affordability harder for buyers (think, higher monthly mortgage payments).

Average Days on Market

Again, no surprises here! Higher interest rates mean fewer buyers. Fewer buyers mean that homes will sit on the market longer than a weekend (*ahem* looking at you 2020 and 2021…). And, in case you think this is reason to panic – last month’s days on market is pretty par for the course, and even low, for a normalizing market. In 2017 and 2018, we saw average days on market closer to 70!

Average Sales Price

In case you’ve been noticing hype around the belief that our market is crashing, let me set your mind at ease. Average Sales Prices are slightly dipping in some areas compared to last year (Boulder friends, we saw a 2.3% drop in average prices in your county since last year). HOWEVER, home prices in Larimer are up 10.1% since last year at this time, and Weld is up 5.3% since October 2021.

Months of Inventory

Perhaps my favorite stat. Despite all of the doom and gloom, this stat shows us that we are, in fact, still very much in a sellers market (see my previous comment about “hype” that the market is crashing). Is inventory up since last year? Yup. By over 100% in Larimer, Weld, and Boulder. But guess what? A BALANCED market is between 4-6 months. And a BUYER’S market is 6+ months of inventory. Demand is still outweighing supply, and that’s why I believe we aren’t heading for a big ‘ol crash. You have permission to unbuckle your seatbelts.

TLDR: My Quick and Dirty Summary of How These Numbers Actually Impact You

Everyone turn off the news, and take a big, deep breath.

The market is not crashing. 

We are seeing real estate activity slow down a bit from where it was spring 2020 – spring 2022. But that’s a good thing!

If you have questions, or know someone who can use help navigating this shifting market – please let me know! I am here for you.