Illustration: Brendan Lynch/Axios
More people are putting their homes on the market in Denver, but those homes are going under contract quicker than ever.
Why it matters: Even with a slight shift in the market, potential buyers still have to be ready to move quickly and be prepared for competition.
Driving the news: According to DMAR's latest report, inventory was up 35% in April from March 2021, the largest increase on record. But inventory is still at a record low, down 62.2% from this time last year.
- Between 1985 and 2020, the average number of active listings for April was around 14,300. This year there were just under 2,600.
Plus: Homes sold within 13 days on average last month, compared to 19 days in March.
- Average home prices also continue to rise, up 24.2% year over year and up 6.2% from March to April.
The report also shared that the number of national Google searches about real estate are climbing, as potential buyers try to navigate the quick-paced market.
- In a one-week period in April, the question "How much should I offer over asking on a home in 2021" jumped 350%.
Bottom line: The increase in inventory is a sign that we're back on track with a more typical real estate cycle — with more activity in spring and summer. But home prices will likely continue to rise unless inventory can keep up with demand.
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