New inventory is the topic of discussion for May, where we saw the fifth consecutive month of increases in new listings of homes for sale. Sellers brought new inventory to the market to take advantage of high home prices.
The market remains active as buyers continue writing contracts and closing on homes. The number of listings that moved to Pending and those that Closed increased from last month.
What Does This Mean for Buyers?
May was another excellent month for potential homebuyers, where we saw the fifth consecutive month of increases in new listings of homes for sale. Compared to last May, 11% more new home listings came on the market, and there was a 4% increase month over month. On-trend with previous months, homes in the Denver Metro Area were only on the market for a median of four days, so prepare to move quickly if you are hoping to buy.
Visit REcolorado.com to start your home search and connect with an agent today.
What Does This Mean for Sellers?
The summer is still a busy buying season for many, which is great news for sellers. Year over Year, home prices continue to see double-digit gains, although the median Closed price fell 1% from April as supply increases faster than closings. Buyers are paying a median of 4.2% above the list price, down .5% from April.
If you’re looking to sell, be sure to contact a real estate professional to get the latest market outlook in your area.
Jaw Dropping Stat
The amount of standing inventory is more than double what it was last year as we’ve experienced steady increases in the number of new listings coming on the market.