According to the Denver Metro Association of Realtors (DMAR), low inventory continues to keep Denver home prices high and the time on market low. In April, the median sale price of a single-family home was $640,000, up 3.2% from March but down 5.9% from a year earlier when the Denver metro was in the thick of a buying frenzy.

Libby Levinson-Katz, chair of the DMAR market trends committee, said the inventory decline in an already tight market raises some concern as to what the rest of the year has in store for the Denver market.

Low Inventory Spans all Housing Categories
The number of single-family homes and condos on the market rose slightly by 2.3% from March to April to 4,620 properties, lower than the historical average increase of 10.4%. It’s the smallest increase since the market decreased by .57% in 2014.

New listings sell quickly and spend a median of seven days on the market compared to 10 days in March.

Nick DiPasquale, a member of the DMAR market trends committee, noted that while the frenzy we experienced last year is unlikely to return, the Luxury Market (homes priced over $1 million) in the Denver Metro remains strong and may be the most balanced of the local markets, with a slight lean towards sellers.

Industry pros are seeing multiple offers for new to market homes that are priced correctly — which is a win-win for both buyer and seller. The reason it’s mutually beneficial is buyers likely are up against 1-5 other offers Instead of 15+ offers they were up against last year at this time for a similar type of home.

The climate can indeed be frustrating in the Mile High, but if you’ve got an experienced professional in your corner, it makes navigating the waters much easier. If you’re in the market to buy, contact Metrowest today and let’s go over your options!