The stats are out for the month of March, and the numbers reflect the uptick of a spring buying season. The inventory increased 15% from last month but increased 41.5% over last year. The inventory has not moved much since the beginning of the year.
This data is courtesy of Joan Cox - House to Home, Inc.
I track data daily for the Denver metro area, and the amount of price reductions have been hovering around 650-700 each week and homes returning to market have been around 200 per week. The inventory this time of year is seasonally low, and is around 4,000 during the week, and today saw the most homes for sale this year - 4706. (includes land up to high-end homes)
See what homes are currently available - Active Homes for sale in Denver
Buyers - If you have thought about buying a home this year, rates are down a bit, and now seeing multiple offers on properties. Showings have picked up too. Rates may be holding you back, but you no longer have to pay thousands over fair market value, there are sellers possibly willing to give you concessions for your closing costs and no one is waiving inspections right now!
Be sure to be pre-approved and know what your budget is! With increased inventory, you now have a bit more of a selection and don't have to narrow your criteria. We are also seeing a few homes returning to the market, so it would be a good idea to write a backup offer if you did not "win the bid", as you may get a second chance.
Sellers - My sellers are seeing a nice bottom line! Even though the inventory is holding steady, there are buyers out looking for their dream homes. Patience is key, we are seeing the number of showings increase and if priced right and shows well, you could see multiple offers. Buyers are looking for homes ready to move-in, so fix those items you know are issues before listing!
Homeowners - if you have thought about selling and like like a home evaluation, please let me know, I will contact you right away. Relocating to Denver, and need some advice - see my Relocating to Denver information.