Potential homebuyers within the Denver metro had extra choices final month as energetic listings elevated 19.5% over March. That quantity was 51.3% greater than in April 2023 and 118% greater than in April 2022, in keeping with the month-to-month market traits report from the Denver Metro Affiliation of Realtors.
“The rise in stock is a really welcome flip of occasions for patrons who’ve been coping with traditionally low stock for years. Moreover, it’s a pleasant shock as many sellers have been hesitant to checklist their houses in favor of sustaining their low 2 to five% rates of interest,” stated Libby Levinson-Katz, chairwoman of the DMAR Market Tendencies Committee.
The typical variety of energetic listings for April is 14,048 (1985-2023). The file excessive was 29,045 listings in April 2006; the file low was 2,594 in 2021. There have been 6,990 listings final month, up from 5,859 in March and 4,620 final 12 months.
Regardless of having extra houses obtainable, the median shut value elevated to $602,550, up from $595,000 in March and $580,000 from final 12 months.
The median variety of days available on the market dropped to eight in April from 11 in March, whereas the closed-price-to-list-price ratio continues to hover round 100%.
Levinson-Katz anticipates obtainable stock will enhance in Might, making it essential for sellers to cost their houses appropriately.
“Patrons on the hunt for his or her subsequent property will probably select the one priced at honest market worth, with little or no work wanted,” she stated. “This isn’t the time to push the value or to put a house available on the market to see in the event you can acquire the value you hope to attain.”
Susan Thayer with the Thayer Group, a member of the market traits committee, stated new listings within the $1 million-plus class elevated by 33%, and gross sales quantity elevated by 17% from March to April. Gross sales quantity of $2 million-plus houses elevated 43.8%.
“Because the excessive rates of interest, looming Presidential election, and lack of federal fee cuts don’t appear to be affecting this high value section, I count on the market to flourish in Might,” Thayer stated.
Nick DiPasquale, with West+Predominant, a member of the market traits committee, stated April’s stock constructed on March’s momentum as extra sellers put their houses available on the market.
Nonetheless, sellers should put together their houses earlier than itemizing to achieve success.
“Sellers who can make investments the time and capital into these value-added updates or repairs earlier than itemizing will stand out on this market. Patrons who may be affected person and thorough of their search will discover an excellent dwelling for them on the market.”
The information and editorial staffs of The Denver Submit had no function on this submit’s preparation.