May 2016 Denver Metro Market Update
What does the housing market look like this month in Denver? So far, inventory is going up as sellers come out of winter hibernation, and the real estate season is underway. However, there is some frustration built up in the market between buyers and sellers.
Buyers will do anything to get under contract while sellers remain unreasonable. Sellers simply aren’t budging on things like inspections and appraisals. They do not want to compromise. This makes it difficult for everyone.
Part of the issue is many buyers don’t want to do any work on the property. That’s why they look for new construction or move-in ready homes. However, you should purchase a home that was built in the mid-2000s or later. That way, you only have to address a few minimal changes, such as removing oak panels or brass fixtures.
Of course, it’s incredibly important to work with an experienced real estate professional. We’ll protect your interests as a buyer. We help negotiate and get everything going to get you into your dream home.
As we mentioned, inventory is up. That means there are more active listings on the market. Right now, there are 5,200 homes on the market, which is a 16.5% increase since April! New listings are also up, with 5,700 new listings in April and 6,400 new listings this May. That’s almost a 12% increase!
The number of homes sold only increased about 1% from April to May, but the market is still incredibly fierce and competitive. The average days on market reveals that, too, since the average dropped from 39 days in April to 31 days in May. That means your home will spend 21% less time on the market! That’s good news for sellers.
Finally, the average sold price went up 10% year over year. That’s huge! To put that in perspective, a home that would have sold for $404,000 in 2015 would sell for $444,000 today.
If you have any questions about buying or selling in this extremely active market, give us a call or send us an email. We would be happy to help you!