March’s Spring Buying Fever Cools Off In April
Our apologies, we have been buzzing around with this hot market that we were remise in posting the April market update;
Like the weather, potential homebuyers bounced around from cold to hot and back this April, resulting in a 7.39% decrease in home sales. Is this reason for worry? No — the drastic increase from February to March set the month of April up for failure. Despite the drop, we’re still seeing a 3% increase in total homes sold year-to-date over the same period in 2016.
Inventory continues to trend upward with a nearly 9% increase from March to April as days on the market fell by more than 15% over the same period. In March, we saw condos selling more rapidly than homes, but the tables have turned in April with single family homes beating out condos by a full 11 days. With a few new condo construction projects due to open sales soon, we may see this flip-flop again within the next few months.
As was the case in March, average and median sold prices for all residential properties continued to climb in April, coming in at $439,161 and $383,500 respectively, with both hovering at around a 10% increase over the same period last year. This progressive ascent begs the question: are wages increasing on a corresponding level? Unfortunately, no. Will housing affordability soon become an issue? Only time will tell.
With more homes on the market than in March, potential homebuyers may want to start browsing listings now. Waiting will likely mean higher prices; not to mention Denver homes are among the fastest selling in the nation. Get out there now before someone else snaps up your dream home!
Note: All data has been sourced from the March Denver Metro Real Estate Market Trends Report compiled by the Denver Metro Association of Realtors and includes 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park.