Feb ‘22 Market Stats - Denver Metro

February’s market data is in! Let’s break it down…⁣

𝘓𝘰𝘤𝘢𝘭⁣

📍 CoreLogic ranked Denver as the #1 metro nationwide with 60% of all homes last month selling over asking. They also measured Denver at 19% annual appreciation!⁣

⚠️ There are approximately 10 lots currently on the market from the recent Marshall Fires. Prices range from $300k-$799k. For buyers looking to invest in one of these homesite lots, make sure you know how long the process could take to build (potentially up to 24+ months) and how much it could cost.⁣

🏢 Denver’s affordable housing plan is mirroring Atlanta’s. The policy includes what portion of an apartment or condo building must be reserved for lower-income renters or buyers. The # of reserved units will depend on if the developer caps prices at affordable levels to people making 60-80% of the area median income. For a 2-person household median income is $84k.⁣

📊 As of February 2022, the average price for a detached home in Denver is now $739,950. The average price for an attached is $461,778.

𝘕𝘢𝘵𝘪𝘰𝘯𝘢𝘭⁣

🔺 The 30-year fixed rate hit 4.06%, almost a full percentage point higher than a year ago. If you’ve been following my monthly updates, this should come as no surprise to you.⁣

📉 According to HousingWire, the Ukrainian conflict could lead to lower mortgage rates – at least in the short term. Global uncertainty often results in downward pressure on mortgage rates.⁣

📊 We’ve seen increased demand increase bond prices and pull the 10-year Treasury back below 2%. As Russia changes their tune to be more diplomatic one day and more aggressive the next, our bond prices and yields react, giving the Federal Reserve a run for its money on its effect on today’s rates. ⁣