Inventory – the number of homes for sale – continues to rise, but buyers are still competing for homes and multiple offers are still common. While we aren’t seeing five or more offers on homes, we often see two or three competitive offers. Sellers continue to have more leverage than buyers, but overpriced listings are languishing on the market. Many buyers think all homes are overpriced and are negotiating to get what they want.
Homes that Sold
Experienced agents who craft well-written offers are finding it easier to win deals for buyers. In April, 4,675 homes sold in the metro area, an increase of 4.17% over the prior month and a decrease of 7.17% over 2018. Buyers are sensitive to interest rate changes and are looking for the best rates possible. Seller concessions are on the rise – 58% of all transactions involved them in the first quarter.
In April, homes sold in Metro Denver sold for an average price of $497,119 and median price of $420,000. Single-family homes averaged $555,371, a 4.55% increase over March and a 1.51% increase over 2018. The median price was $460,100. Single-family homes took an average of 28 days to sell. Condos sold for an average price of $368,565, up 3.39% from 2018. Condos spent 27 days on the market on average.
7,012 homes were for sale in Metro Denver, up 11.4% over the prior month and 35.89% over the previous year. Of these, 4,819 were single-family homes while 2,121 were condos. This increase in inventory gives buyers more to choose from than last year. High demand and low inventory indicates that if sellers don’t get an offer in the first 10 days, or after 10 showings, they should consider a price adjustment.
Curious about your home’s current value? Visit MyColoradoHomePrice.com to find out what your home could sell for in today’s market!