All arrows point up in the latest Market Watch report from REcolorado. During May 2019, the Denver Metro Area saw a surge of new listings and home sales.
Sellers continued to bring new listings to the market in May, bringing inventory levels up. May ended with 6 weeks of inventory. Nearly 9,000 new listings came on the market, 17% more than last month.
Increased inventory also encouraged home buyers. Sales of single-family homes increased 17% compared to last month, with 6,000 homes sold during May.
Homes also spent a little longer on the market, with an average of 38 days on market. However, with a median of only 8 days on the market, many homes continue to sell very quickly.
Good for Both Buyers and Sellers
The housing market is in an interesting position, showing trends that benefit buyers (like more inventory and more days on market) and sellers (higher prices and home sales). If you’re in the market to buy or sell a home, what should you think about these trends?
First, talk with your local REALTOR®. An experienced real estate agent can help you interpret housing market trends and understand how they might impact your experience buying or selling a home.
While this report looks at trends across the Denver Metro Area, individual neighborhoods might show a different climate. Ask your REALTOR to provide local market statistics specific to the neighborhood where you live or neighborhoods where you might like to buy a home.