Denver housing inventory expands, but sales go quick
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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