The number of homes for sale (Inventory) in the Denver metro area is down 41% from last year…..and at all time crazy low levels! You should know that our market shifting. What I’ve noticed, & not just me but also other agents in the area that I talk to, is that there just aren’t enough homes to show our buyers. The inventory is extremely low, and of the homes on the market, most are in horrible shape.
What This Means For Sellers:
It’s an ideal time for people thinking about selling to put their home on the market because the demand is higher than it’s been over the last few years. If you or someone you know has been thinking about selling but has been waiting for the market to improve, they should really consider selling. Demand is very high right now.
What This Means For Buyers
For buyers, this shift means it’s more important than ever to know what homes match their needs the moment they go on the market. Prices are starting to trend upwards (up 2% from 1 year ago) because of the supply vs demand principle. My team and I actually use a custom program that alerts us the second a home is listed that fits our buyers needs so they can see it before everyone else. If you know someone who could benefit from this please let me know!
Some Other Notable Stats for March 2012 Denver Metro Real Estate
Days on Market DOWN 15%
Average Sold Price UP 2%
Sold Homes Up 11%