Spring Market Surge
The market improved significantly in May. Market statistics indicate a continued healthy Spring market with an increasing number of homes for sale complimented by an increasing number of buyers in the market. Multiple offer scenarios continued in some price ranges and neighborhoods. Despite an increase in active inventory, the supply of homes remains relatively low and the demand remains healthy. A few highlights from May:
- Number of available listings for the month increased by 38% in a year over year comparison
- Single Family Homes placed under contract (pending sale) increased 7% from April.
- Average Sold price increased 2% from April and 3% from May 2018.
- 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 14% in May to 24 days (Increased sales activity)
- New construction activity continued at a robust pace 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 3.85% to 4.25% improving affordability
- Underlying trend (rising # of homes for sale, declining # of sales from May 2018, rising days on market from May 2018) towards a more balanced market continued.
Bottom line, current market conditions is generally positive for most buyers and sellers. The underlying trend towards a more balanced market will have a greater market impact later in the year when seasonal moderation begins to impact the market. If a move is in your future, now is the time to sell your home. 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 May 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.