DENVER (CBS4) – The Denver real estate market was hot in 2021. However, Realtor.com predicts that the Denver real estate market could slow down.
“The market was absolutely out of control for 2021,” said Marion Shelton, who has been a Denver broker for six years. “Then things started to calm down a bit around August when we were still getting multiple offers for houses, but it wasn’t 30 or 40 offers at the same time.”
Denver was ranked 9th on the list of Top Housing Markets Headed for Growth in 2021.
Now Denver has fallen to number 48 on their list for 2022, with forecast sales and prices up nearly 7% compared to 2021.
“I think Denver will ‘slow down’. We are still probably expecting 14-15% which I would imagine growth, ”said Shelton, broker and co-owner of Century 21 Dream Home.
One trend that is likely to continue through 2022 is Denver’s inventory shortage, which decreased by about 33% from October through November, according to the Denver Metro Association of Realtors.
“We have two weeks in stock right now,” Shelton said. “I think before you even consider getting out of a seller’s market, you really need to look at around three months of inventory.”
Shelton said the combination of low inventory levels and high prices in Denver could push shoppers to other cities like Colorado Springs, which Realtor.com ranks 14th in forecast growth in 2022.