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Its been a see-saw couple of months this Spring for the Denver real estate market. This is causing wild swings in the number of units sold, month by month. The arrow chart to the right shows that sold transactions were up by a whopping 39%. But last month that number was only 2%! This crazy dynamic has been on-going since December. While demand remains strong, there's only a limited number of homes that buyers can put under-contract at any given time.
The average duration from when a contract is accepted through closing, is approximately 45 days. That's one-half to one-full week longer than last year. With the most recent stats released by the Denver MLS, more units are now under-contract than we have available for-sale, or that sold last month. The delay causes some odd-looking statistics and reports, while the under-contracts make progress to the closing table.
Average home prices also edged-up again last month, but less for condos. It'll be interesting to see if summer sales volume hits or exceeds any of the highs we saw last year. For that to happen, more inventory will need to arrive soon. The market's expected to remain tight for the next 45 days, but that traditionally loosens-up as we reach mid June and into early July. If you're considering a home purchase this year, now's the time to start planning! Call me to make an appointment, and let's discuss your wants and needs. See Today's Interest Rates (below).
Till next month.
If you know of someone who needs to sell a home due to an estate, divorce, relocation, or other circumstance, please let me know. Call or email. I look forward to helping those you know, because they trust you and appreciate your referral.
Michael Dagner is a real estate professional in Denver, Colorado.
The Michael Dagner Group, Brokers Guild Cherry Creek Ltd, 7995 E. Hampden Ave, Ste 100, Denver, CO 80231 Map
5 Minutes From The Denver Tech Center - Near Tamarac Square, 9-Mile Station, & Cherry Creek Reservoir