Mortgage and Real Estate Market Recap on Lakewood, CO
Ever since the start of 2020, the housing market has had its ups and downs. From the Covid pandemic to the war in Ukraine and rising oil, rates, and inflation, many homebuyers and homeowners are wondering what the winter months will bring. Our expert Lakewood mortgage lender team has updates for October 2022 to give you some insight.
Housing Market Update for October 2022
Home values have risen significantly over the past 2 years. Currently, home values in the Lakewood-Aurora-Denver area are $630K, up 13.7% from this time last year. In nearby Colorado Springs, home values are $488K, up 12.9% from last year. Boulder home values are $796K, up 13.7% from last year.
The housing market in Lakewood has been very competitive with homes getting an average of 4 offers and spending an average of 9 days on the market before getting snatched up. Lakewood’s average sale price was ~$520K a few weeks ago, which was down 0.95% from last year at this time. The average price per square foot is $283, which is up 8.8% from this time last year.
August saw home prices for the Lakewood area dip to 0.95% in comparison to figures at this time last year, with a median sales price of $520K. Lakewood homes spend an average of 12 days on the market in comparison to 5 days on the market at this time last year.
At the end of September, the median price for a home in Lakewood was $530,002, up 0.487%. Experts are forecasting that home prices in the next year will hit an average of $562K and a rise to $677K over the next five years. Over the past 12 months, we saw home values rise 12 times with no decreases in price.
The Lakewood housing market remains a hot seller’s market, with homes getting multiple offers, waived contingencies, and selling for 3% over their listing prices. The current sale-to-list price ratio is 99.1%, down 3.7 points from this time last year. About 31.7% of the homes on the market sold over their list prices, which is down 29.1% from last year, and we are seeing 73.8% of the homes on the market dropping their prices, a figure that is up 26.1% from this time last year.
Denver Housing Market
In comparison, it’s a different scenario over in Denver, where experts are predicting the market will become a buyer’s market in 2023. It’s currently evenly balanced between sellers and buyers, with an increase in inventory and lower prices. In the past year, we saw home values in Denver rise 13.8%, and Aurora home values rise 13.9%. Statewide, the average home value is ~$580K, up 14.7% from this time last year.
One thing that many homeowners and homebuyers are focusing on is interest rates. We’ve just had another rate hike and experts feel that we will have several more before we see inflation ease. At the end of September, the rate for a 30-year fixed rate mortgage was 6.45%, up 6 basis points but 1 basis point lower than the national average of 6.46%.
If you want to know more about what mortgage options and rates are available to you, give our expert Lakewood mortgage lender team a call today!