The stats are out for the month of March, and all the numbers revolve around the inventory number once again this month! As of today (mid-April), we are still experiencing low inventory (hovering around 2,400 on weekends), down 34.47% over one year ago. Last month was 63.7%, so we are seeing an increase in listings. We are seeing fewer showings on listings, and fewer multiple offers now that rates have climbed. I am sure this has pushed a few buyers out of the market.
This data is courtesy of Joan Cox - House to Home, Inc.
Lately, we are seeing most homeowners pricing their homes a bit closer to fair market value (some exceptions), and yet seeing increased price reductions (about 300 in a 7-day period). The rate increase has slowed the market down a bit in the metro area. This is good news for buyers!
See what homes are currently available - Active Homes for sale in Denver
Buyers - If you have thought about buying a home this year, rates have increased, but the good news, there are fewer multiple offers on properties. Be sure to be pre-approved and know what your budget is! Be prepared, many homeowners are asking for a 60-day rent-back to find a replacement home. Even though the inventory has increased, it is still at a very low level, you may need to be more flexible in the features you want. Select the home with the items that cannot be changed (location, layout, school district). We are also seeing a high number of homes returning to the market, so it would be a good idea to write a back-up offer if you did not "win the bid", as you may get a second chance.
Sellers - My sellers are seeing a nice bottom line! If you are thinking of selling but worried you won’t find a replacement home, I can enter into MLS the fact you require a contingency of a replacement home or ask for a 60-day rent-back to enable you to locate the replacement home.
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.