What does the Denver Real Estate Market look like heading into summer? Is there any hope for buyers or should they just give up now? Pretty common questions these days and with all the news reports about the crazy Denver market, I don't blame buyer's for thinking of giving up. Denver continues to break sales records, be ranked in the top 3 markets nationally, and there is no sign of it slowing. But, there is hope on the horizon for both buyer's and sellers.
The single biggest factor that can help a buyer's chance for getting a home is more inventory. Looking at the latest numbers for April, we see that inventory is finally up. There are currently around 6,000 active listings in the Denver metro area which is up 19% from a month ago. There were 7,566 total new listings in April, up 21% from March. Since May started, I've noticed a lot more homes hitting the market and fewer and fewer offers coming in on homes.
I got a house under contract for a buyer in the $275,000 range this weekend and there were only three offers on it. I made an offer for a buyer last night in Edgewater and again, only three offers on it. A few months ago, there probably would have been ten plus offers on each one. While there certainly aren't thousands of homes to choose from now, the numbers are looking better for buyers, see the graph below courtesy of Megan Aller with Land Title.
Last year, we saw a small break in the craziness for buyers come July and I'm wondering if we are seeing the same calm right now? Would make sense since the market has been going nuts since January this year. Because of these factors, and since I've heard of so many buyers giving up, I think now is an excellent time for buyers to aggressively keep shopping for a home.
The price of Denver homes is not going down and will only continue to go up. April set a record for the highest average sales price ever in Denver at $404,162. That's up 11.9% from a year ago! The experts predicted we would hit this number in December of this year so one can only guess where we will be at 6 months from now. So while it may be daunting and beyond frustrating shopping for a house right now, my message will continue to be, don't give up! If you want to talk about buying or selling in this market, let me know and we can see what strategy is best for you.
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