Spring Market in Full Bloom
Despite poor weather the real estate market experienced the normal Spring jump in activity. Market statistics indicate a healthy Spring market with an increasing number of homes for sale complimented by an increasing number of buyers in the market. Multiple offer scenarios continued in some price ranges and neighborhoods. The supply of homes remains relatively low and the demand remains healthy. A few highlights from April:
• Number of available listings for the month increased by 36% in a year over year comparison
• Single Family Homes placed under contract (pending sale) increased 4% from March.
• Average Sold price increased 4% from March and 2% from April, 2018.
• Less than a two-month supply of homes for sale exists in our market (more than five months of inventory is considered a buyer’s market)
• Average days on market decreased 13% in April to 28 days (Increased Spring Activity)
• New construction activity continued at a robust pace as builders push to take advantage of current market conditions (more available inventory – more buyer incentives)
• Mortgage rates continued to moderate to a range of 3.85% to 4.25% improving affordability
Bottom line, spring market conditions appears to be positive for most buyers and sellers. Market conditions vary from neighborhood to neighborhood. Contact me today for an update on the value of your home.
Below is a Denver real estate market snapshot based on April 2019 Statistics from DMAR Market Trends
This information is for the Denver Metro real estate market. Real estate market activity varies from neighborhood to neighborhood. If you would like an instant real estate activity report for your neighborhood click Market Report
or contact us for more information.
Questions? Let’s talk – contact us anytime to discuss your questions, plans or the current value of your home. If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.