Despite a dip in sales year-over-year, January 2018 was a very active month for the Greater Metro Denver Area housing market. Over 4,000 homes went under contract – a 34% increase from last month and 9% higher than this time last year.
Picking up from the typical year-end slow-down, January 2018 was off to a strong start in Denver’s housing market. New listings, homes under contract, and average sold price for single family homes are all up year-over-year. While weeks of inventory remains unchanged from last year, the low number hints at the challenge of limited inventory for home buyers in Colorado. See more detail in the REcolorado Market Statistics Report for January 2018.
Low Inventory and a Fast-Paced Housing Market
Home buyers must be strategic in a strong seller’s market. The threat of “low inventory” continues to be a challenge. Low inventory is determined by active listings. This measure is taken at a specific point in time. January ended with 3,939 active listings of home for sale.
However, that doesn’t mean there are no homes for sale. With 4,200 new listings in January, 10% higher than this time last year, there are home for sale. The inventory is out there, but it is moving quickly. A home for sale can go on the market and off in a matter of days, once the new listing goes under contract.
Don’t Panic! Beating Low Inventory
In order to succeed in a fast-paced market, home buyers need to be prepared to act quickly. By connecting with an experienced REALTOR early in the home search process, home buyers can be set up for success. Be the first to know when a new home hits the market with saved searches and property alerts, and be ready to make a competitive offer quickly.
For more information and advice, read the articles below:
- Beat Low Inventory — Check your Email!
- Beat Low Inventory — Be Ready to Act Fast!
- Selling your Home in a Fast-Paced Market