March Real Estate Market Report: Denver Metro Area

If you follow the Denver real estate market as closely as we do, you know that the market typically heats up in the spring, peaks in the summer, and then cools down in the fall/winter.  This year, buyer demand is up modestly compared to last year as measured by the number of pending listings.  However, inventory is up notably on a year-over-year basis as measured by the number of homes for sale.  

Some listings are selling with multiple offers the first day on the market, and others are lasting on the market for months.  A significant increase in the number of homes for sale for buyers paired with a more modest increase in demand is resulting in a market that feels less competitive than in years past--which can be exciting for buyers and frustrating for sellers.  Sellers should be aware that it is likely that new listings may take longer to sell than in years past, and they should be cautious about significantly overpricing their homes.

We hope that interest rates will fall as the year progresses, and when they do, buyer demand will increase accordingly. For more on this, see this recent Axios article in which David Schlichter discussed the implications of lower rates on the real estate market.  

Until rates come down, this spring market may feel lukewarm with hot spots instead of a consistent inferno.  But if the last several years have taught us anything, it is that things can change in the blink of an eye--and that is why it is incredibly important to work with a trusted expert who keeps their finger on the pulse of the market to help guide you through these rapidly changing market conditions!