With the fewest number of homes for sale in metro Denver in November since records have been kept, the Denver Metro Association of Realtors warned its members in an email Friday: “Get Ready for an Extreme Seller’s Market in 2022.”

And here we thought that described Denver’s 2021 home sales market, with record-high average sales prices, record-low average days on the market and now the lowest inventory of homes available in November.

“With 2,248 active listings on the market and that number expecting to go down by the end of the month, 2022 could be a wild ride,” wrote Andrew Abrams, Chair of the association’s Market Trends Committee in the latest Market Trends report for November, released Friday.

The report shows there’s usually an average of 14,180 homes available for sale in metro Denver in November, dating back to 1985. The record-high level came in November 2006, when 27,530 homes were on the market.

It also noted the average decrease in active listings from October to November is 11.41%. But this year, that decrease was 33.41%, “the largest percentage decrease on record,” according to the report.

“As Thanksgiving is in the rearview mirror and our belts feel one notch tighter, we approach the end of the year with more gifts to give than houses to buy,” Abrams noted. “From October to November, we saw 33.41% decrease in month-end active inventory, dropping to 2,248. Throughout the entire Denver Metro area, there are only 1,444 single-family detached properties and 804 attached properties to buy.”

Average home sales prices rose again, but only up 2.91% from October to $629,479 in November. That’s a 15.49% year-over-year increase.

The number of closings last month dropped to 4,392, down 10.39% from October and down 8.73% from November 2020.

The average days on market increased slightly to 15, up one day from October’s average. It’s a 31.82% drop from the 20 days-on-market average in 2020.

“Year-to-date there have been more houses purchased than in any of the previous five years,” according to Abrams.

The report covers the 11-county metro Denver market, including Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park counties.

“While it may be common for buyers to take their foot off the gas and enjoy the December festivities, this is the year to put the pedal to the metal in trying to find a property,” Abrams wrote. “Interest rates are low and looking while others are not gives you a competitive advantage, which in this market is a must.”