It’s taken twice as long to sell a home so far this year compared to May of 2018. Does that sound alarming to you? Let’s dig into the facts …
Looking at the numbers helps us understand just how severe of a percentage this is. Yes, it is a 100% increase. However, The median went from 6 days on the market during this time last year to 12. This is still less than 2 weeks on the market on average. Not bad, sellers!
Let’s talk about price: prices are still continuing to increase in the Denver market. The average single-family home price hit an end of April high of $553,371. Additionally, the average condo price increased by 2.62% to 368,$565 from March and 2.17% year-to-date. So what does this mean for sellers and buyers?
Buyers are searching for homes with the mindset that home are ov-
er priced even if they’re only on the market for a short period of time. On the flip side, sellers might feel the inclination to lean towards the greedy e
nd of things. Over zealous sellers are finding that their over-priced homes are sitting on the market for longer than expected. Even in the hot price ranges, price reductions are happening more and more.
When is writing a well-written offer key? ALWAYS….but especially when there are multiple offers on the table! And remember, Denver’s market is still hot, so I’m still seeing homes getting a plethora of offers right now. Brokers enjoy working with other brokers who are experienced and professional. Having a Realtor who provides well-written offers is helpful and key to facilitating a smooth transaction.
Denver remains a top place to move for the millennial population. Additionally, Colorado was named one of the top 15 places to own a vacation home. This comes as no surprise to me given that we have so many amazing mountain towns to choose from!
- Denver was listed as the 11th most rent-burdened city in the country.
- The average rent increased from $1,455 to $1,480 in the first quarter of 2019
- Mortgage rates are .25-.38% percent lower than 1 year ago
- With warmer weather more and more homes will continue to hit the market so you will have even more options to choose from!
- Need an agent? I would love the opportunity to chat with you about your Denver home purchase.
Do you have questions about buying or selling in Denver’s Real Estate Market? Contact me! I look forward to sharing my knowledge with you!