The Denver real estate market has been going gangbusters with the Spring buying season in full swing! Inventory has increased in the last few of weeks, and surpassing last years active listings a year ago. The following data is courtesy of Joan Cox - Metro Brokers - House to Home, Inc.
Denver saw an 8.3% increase in listings over May 2017, an increase of 3.7% in under contract properties and an increase of sold properties of 1.0%. Seeing an increase of new listings is easing the "thin inventory" we have seen for months. Average days on market decreased from 22 to 20 days. (this includes land, attached properties, single family homes up to the mega million dollar homes.)
See what is currently available - Active Listings in Denver
Buyers - inventory has increased, so you may not see 10+ offers on homes, but you may need to compete with some other offers if the home is priced right, shows well and is in a highly desired area of town. The price range between $200,000 and $450,000 has been the "sweet spot" and these homes are the ones garnering the most showings and offers. Typically, homes come on the market late in the week, with showings over the weekend, and responding to offers on Monday.
Sellers - we are seeing some homes now reducing their sales price, as the inventory has increased, and is best to list your home at the fair market value, not thousands over this in hopes of reaping the benefits of a Seller's market. You may still get over fair market value, but you do want Buyers to view your home, so pricing is key right now. If you are thinking of selling, but worried you won't find a replacement home, I put into MLS the fact you require a contingency of a replacement home.
Pricing a home is very important in this current market, and here is a chart showing how our median prices have shifted over the last few years.
Denver's unemployment rate is very low at - 2.1% (June 2017) compared to the national average of 4.3 (May 2017), so Colorado's economy is very strong. Colorado's population is 5.457 million, with the Denver metro area seeing 3.075 million and Denver proper is 683,096. Denver has outpaced most large cities across the Country and expect to see by 2020 a population of over 3.3 million. We are seeing many corporations relocating their headquarters or putting in a hub into the Denver metro area, creating job growth. Amazon has two distribution centers being built in Denver.
Homeowners - if you have thought about selling and would 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.