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Denver Real Estate Market Rebounding
Individuals who are considering selling their home in Denver will be pleased to know that the real estate market seems to be rebounding. According to recent data, the prices of homes inDenverare increasing and the available number of homes is decreasing. This can mean several things for both buyers and sellers.
New Data Results for Denver Real Estate Market
According to Metrolist, which is the largest mls service inColorado, the average sales price for homes in the Denver area went up about 6% in April to more than $275,000. In addition to this, the average days on the market for a home in Denver have been decreasing while sales under contract and sales pending contract have increased. The price has gone up about 11% from April of last year for single-family residences in Denver and the number of homes for sale since that time has decreased by 43%.
Declining Inventory
Because inventory is declining, agents, home owners and buyers should expect the market to be competitive in the upcoming months. This often means individuals will need to act quickly and be serious about offers. The Denver market is changing on all fronts.
What This Means for Sellers
For sellers, this is great news. It means they can expect a higher sales price for their home and likely, a higher number of offers and more competition for their home. They should expect to consider these competitive offers and use this data for their benefit, because it’s a great time to sell a home in the Denver area.
What This Means for Buyers
Buyers should expect some competition if they’re searching for a home in the Denver area. They should approach home owners with only serious offers and expect to increase their offer, especially if they’re purchasing a home that is highly sought after from other potential buyers. It also means that they should act quickly if they see a home they’re interested in, since the days on the market (DOM) have significantly decreased for homes in this area. Waiting around for the price to come down isn’t a healthy approach with the way the market is currently looking, because it’s more likely that the home will sell to more serious buyers.
It’s wise for serious buyers and sellers to work with qualified real estate professionals in the Denver area with the way the housing market is now. Those who are searching for a home may not have the necessary tools to find something that suits their needs and budget, while a professional real estate agent will. The same goes for sellers who want to reach a larger market of buyers.
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