A Bit of a Bounce
We experienced a bit of a bounce real estate in March. Market statistics indicate a healthy real estate market with an increasing number of homes for sale complimented by an increasing number of buyers in the market. Multiple offer scenarios returned in some price ranges and neighborhoods, the supply of homes remain relatively low and the demand remains healthy. A few highlights from March:
• Number of available listings for the month increased by 36% in a year over year comparison
• Single Family Homes placed under contract (pending sale) increased 20% from February
• Homes placed under contract exceeded the number of new listings in March
• Less than a two-month supply of homes for sale exists in our market (more than five months of inventory is considered a buyer’s market)
• Average days on market decreased 21% in March to 31 days (Seasonal Spring Bounce)
• New construction activity appears robust as builders push to take advantage of current market conditions (more available inventory – more buyer incentives)
• Mortgage rates continued to moderate to a range of 4.00% to 4.25% improving affordability
Bottom line, moderate market conditions appears to be positive for most buyers and sellers. Market conditions vary from neighborhood to neighborhood. Contact me today for an update on the value of your home.
Below is a Denver real estate market snapshot based on March 2019 Statistics from DMAR Market Trends
This information is for the Denver Metro real estate market. Real estate market activity varies from neighborhood to neighborhood. If you would like an instant real estate activity report for your neighborhood click Market Report
or contact us for more information.
Questions? Let’s talk – contact us anytime to discuss your questions, plans or the current value of your home. If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.