- Active inventory tends to begin to rise in April and continues this trend through September. This April active listings for sale rose by 2.8% to 1,236 homes for sale. Historically in April based on data from 2013-2019 (excluding pandemic years) where Metro Denver averaged 1,691 for sale. Inventory is expected to remain tight through the rest of the year.
- Demand for homes by way of pending transactions fell from April to March by -16.6% with only 1,096 homes going under contract. Closed transactions were up due to a heavier March buying period with a month over month increase of 15.9. However, pending and closed transactions are both down from one year ago by -24.5% and -22.8% respectively.
- Months of inventory remains at 1.0 months of supply. With more buyers in the market than homes to sell in some geographic areas bidding wars are back with 34.6% of homes sold for over asking price. • Attached residential home prices fell from March to April. Median sold price down month over month by -0.4% to $405,00 and average sold price -1.7% to $463,390.
- While multiple offers are back, they are not as severe as 2020-2022 with homes selling for multiple offers going for 2.6% over asking price on average.
- Average and median days on market plummeted from the previous month to 25 average days on market or half of the homes (median) under contract in 8 days.
- 41.3% of homes were under contract in 8 days or less, which was down from March by -20.0%. If a homes was under contract in 7 days or less, it was likely to receive 101.4% of it’s original list price.
Source: https://www.firstam.com/