The trend continues! Low inventory and strong buyer demand have catapulted this homebuying and selling season to record levels. In fact, it’s one of the busiest housing markets on record. Homes in the Denver Metro area spent an average of 11 days actively available for sale before going under contract, two days fewer than last month.
What does this mean if you are a buyer?
There simply are not enough houses to go around! The demand is outpacing the number of listings available on the market, as a result, inventory levels continue to remain low. In the month of May, sellers brought 6,491 New Listings of homes for sale to the market, 2.5% fewer than April. Homes are moving from Active to Pending quickly. More listings were in Pending status this May than any other on record.
Home prices are still high, especially compared to last year at this time. Additionally, homes are closing at an average of 5% more than original list price.
Pro Tip: Be patient and be prepared. Find and connect with an agent and get pre-qualified so you can hit the ground running! You can find an agent, create saved searches, and browse new listings on REcolorado.com or in the REcolorado App.
What does this mean if you are a seller?
With buyer demand still holding strong, be prepared for your home to go under contract quickly. May 2021 saw more listings in pending status than any other May on record. The number of listings that moved to Pendings increased 4% from last year and 18% from last month. And year to date, homes moving from the active to pending status have reached record highs. The number of listings that have been in Pending were 17% higher than last year at this time.
Year to date, this has been one of the busiest housing markets on record. At 23,459, the count of Closed listings is higher than we’ve ever seen in any other January through May timeframe.
Make your move!
A record-setting homebuying and selling season can be overwhelming, which is even more reason to work closely with your agent. Homes are moving fast, make sure your agent is familiar with your wants and needs so you can make quick, educated decisions. 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!