Denver Real Estate News – April 2023
More Inventory, But Still Tough for Buyers
The local real estate market has seen a significant increase in active listings as compared with last year. However, that number remained low at the end of February, with only 4,100 active listings in metro Denver. Inventory is expected to remain short throughout the spring, making it a challenging time for buyers.
Despite challenges in the market, the number of properties under contract in February was only down 8.5% from last year, and average prices are still increasing slowly, with a 2.83% increase from last year.
Days on market have significantly increased from last year, at an average of 45 days to sell a home. There has also been a significant shift in the sale-to-list ratio, with an average discount of 1.85%, compared to last year’s 2.13% premium. This difference in sales price can help make up for the recent increase in interest rates. Overall, although inventory is low, buyers and sellers can still make deals in the current market.
INFO FOR SELLERS
Be Flexible to Maximize Your Sale
If you’re thinking of selling your Colorado home, you’ll want to remember that spring is the busiest time for home sales, so you’ll have some competition. Although, homes that are desirable are still selling quickly. To sell your home quickly and for top dollar, it’s important to be flexible and responsive as a seller. With more inventory for buyers to choose from, you’ll want to be prepared to schedule showings and respond to offers quickly.
There are several things you can do as a seller to improve your odds of getting good offers, including quality staging, making repairs, and focusing on key updates. It’s also important to price your home competitively, so it doesn’t sit on the market for too long. With my help, you can feel confident that you’re taking the necessary steps to get you the most money for your home.
INFO FOR BUYERS
Spring Is Competitive, But It Helps to Have a Good Plan
If you’re a homebuyer looking to make a purchase, it’s important to know that spring is traditionally the busiest time in real estate. You’ll likely encounter other buyers vying for the same homes, so it’s important to be ready to move quickly when you find one you like. This includes having your financing in order (ideally in the form of a pre-approval letter) and being prepared to make a strong offer.
Understanding your limitations is also important before you get into a competitive situation because, in the end, you’re the one who will be making monthly payments. With my guidance and expertise, you can feel confident that you’re making a sound investment.
As always, feel free to contact us if you have questions or are interested in making a move.
*We use reasonable efforts to include accurate and up-to-date information. The real estate market changes often. We make no guarantees of future real estate performance and assume no liability for any errors of omission in the content.
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