Is Metro Denver still a seller’s market? Let’s look at the trends.
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Metro Denver is still a seller’s market, with one caveat: we’ve seen an uptick in single-family and condo inventory. If you’re a spring homebuyer, don’t get too comfortable. An increase in sales activity is chipping away at the surplus.
Price is a factor
The market under $1 million is still very much a seller’s market, according to the April Trends Report from DMAR. In the pricier bracket, the market over $1 million is almost equally divided between buyers and sellers.
The bottom line
Buyers still don’t have the definitive upper hand in any price range. If you see a home you love, the race to submit a solid, competitive offer continues. Get pre-approved so you’re ready to act. Interest rates are holding steady at 4.63 percent for a 30-year fixed rate mortgage.
DENVER MARKET STATS
Residential (Single Family plus Condo) / Month prior / Year-Over-Year
Active Inventory: 6,292 / 4.57% / 36.22%
Sold Homes: 4,162 / 20.01% / -11.17%
Sold Price (Average): $480,486 / 3.57% / 1.79%
Sold Price (Median): $415,000 / 3.75% / 1.53%
Days on Market (Average): 31 / -20.51% / 14.81%
Single Family (Detached Single Family) / Month prior / Year-Over-Year
Active Inventory: 4,314 / 5.17% / 26.29%
Sold Homes: 2,928 / 21.44% / -10.76%
Sold Price (Average): $530,897 / 3.27% / 1.26%
Sold Price (Median): $450,000 / 3.69% / 1.58%
Days on Market (Average): 32 / -21.95% / 14.29%
Condo (Attached Single Family) / Month prior / Year-Over-Year
Active Inventory: 1,978 / 3.29% / 64.42%
Sold Homes: 1,234 / 16.75% / 16.75%
Sold Price (Average): $360,875 / 3.27% / 2.44%
Sold Price (Median): $300,000 / 0.64% / 0.84%
Days on Market (Average): 30 / -11.76% / 25.00%
Data based on information from Denver Metro Association of Realtors for the period of 3/1/19 – 3/31/19 in the 11-county Metro Denver Area.