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Front Range Market Update, June 3, 2021

The real estate market is still very active. Buyers continue to purchase homes despite the challenges. There were 25 showings for each home for sale last month, which shows how competitive the market is. Buyers should look at homes significantly below what they’re willing to pay, since the final price will likely be much higher than the list price. In fact, on average, buyers had to offer 105.20% of list price to get the homes they wanted last month. Homes priced at the top of the market may not even be seen by buyers who expect to pay higher-than-list-price for a home. It’s important for sellers to position their properties as a good value in order to get the most interest and receive the most offers possible.

May Numbers
Remember that last May, the market was almost completely locked down, with very little activity. Therefore, there are fairly extreme differences between this May and last May.

Active Listings
at the End of the Month
: 2,075
Down 20% over the prior month and 72% year-over-year

Closed Homes: 5,322
Down 3% from the prior month, Up 49% year-over-year

Average Closed Price: $623,279
Up 0.4% over the prior month and 26% year-over-year

Median Closed Price: $540,000
Up 2.23% over the prior month and 22.81 year-over-year

Days in MLS: 11
Down 15% over the prior month and 54% year-over-year

Why pay top dollar to sell your home? Give us a call! We’ll give you a free analysis that shows how much more money you could earn with The Principal Team. Reach David and Tom anytime at 720-782-2468 or click here to schedule a call.