Our spring market is picking up! Here’s an update on the market so that buyers and sellers know where they stand.
Interested in Selling? Click Here to Receive More Information
Interested in Buying? Search All Homes for Sale on the Denver MLS
The spring selling season is in full swing! To keep you in the know with the goings-on in the market, I’m coming to you today with your monthly market update.
We have great news for buyers and sellers: We finally have some inventory on the market! In terms of inventory, we’re up 13.1%, which means there are probably some options for homebuyers out there.
On the sellers’ side, the sold price is up 3.5% month over month, but 10.91% year over year. The market is really hot at the moment! Those figures are for Denver in general; there are some areas where those figures will be even higher.
Our average days on market is down 13.73%. That means that homes are selling really quickly. There may be more homes on the market than there were, but they’re disappearing faster as well. This is great news for sellers. It might be a bit of a challenge for buyers, but don’t worry—we have plenty of buyer’s agents to take care of you.
Month-over-month, sold homes are up considerably, having increased 26.74%. On the other hand, we’re still down year-over-year, being 12.03% lower than last year. This is actually good because the market has slowed down enough to give buyers and sellers a little more room to breathe.
In our luxury market, 163 homes sold that were all over $1 million in price. This is a huge amount that constitutes a 42% month-over-month increase and a 20% year-over-year increase. The average days on market for the luxury market is 91 days, which is good news for luxury sellers coming on to the market.
Overall, I think sellers are little shaky about what the market is doing as far as interest rates go. Typically when interest rates rise, buyers can’t afford as much. You can refer to our latest blog post for an outline on the state of interest rates, including info about mortgage interest rates, forecasted rates, and the Fed’s activities.
Now might be the perfect time for a lot of sellers who have been on the fence to take the plunge and put their house on the market. It’s also a great time for buyers to enter the market, before the rates increase more and reduce their buying power.
If you’re thinking about buying or selling your home, please reach out to us. Let’s talk sooner than later, because you don’t want to wait until you have a lot of competition to deal with. We’d be glad to help.