Much like spring, the homebuying season came in like a lion! Strong buyer demand has caused housing inventory levels to be low in the Denver Metro and surrounding areas. Homes in the Denver Metro area spent an average of 13 days actively available for sale before going under contract.
What does this mean if you are a buyer?
Throughout the month, sellers brought 6658 New Listings of homes for sale to the market, which is 15% more than last month giving buyers more selection. However, inventory is still low so if you find a home you love, you need to be prepared to make a quick decision!
If you are looking to buy, time is of the essence. Gone are the days where you can “sleep on” your decision of putting in an offer. If you view a home and it checks your boxes, you need to be ready to move fast! Before you attend any open houses, connect with your real estate agent. Whether this is your first home purchase or 3rd, they will give you the guidance you need in a fast-paced housing market.
PRO-TIP: Get pre-qualified! And use REcolorado tools along with your real estate agent to see the newest listings and be the first to get in for a showing.
What does this mean if you are a seller?
If you are a seller, prepare yourself for the possibility of multiple offers. April saw a record number of 5,442 homes closed which is more than any other April on record!
Home prices are also setting records. The average closed price for a single-family home was $621,174 in April, which is 24% higher than this time last year.
If the thought of multiple offers overwhelms you, communicate with your agent. They can help you weather the storm! Your agent will present all offers in a way that empowers you to make the decision that works best for you.
On average in April, homes sold for 105% of the original list price. For the average priced home, that is more than$31,000 higher than the list price.
Still on the fence?
We get it. A competitive housing market can seem intimidating. But don’t worry, your real estate agent was born for this! If you’re in the position to sell, it may be a great time to list your home. Contact your agent today to get more information. If you aren’t working with an agent, check out our online directory highlighting over 26,000 real estate agents, connect with a local, expert and find the home you love!