Potential homebuyers in the Denver metro had more options last month as active listings increased 19.5% over March. That number was 51.3% higher than in April 2023 and 118% higher than in April 2022, according to the monthly market trends report from the Denver Metro Association of Realtors.
“The increase in inventory is a very welcome turn of events for buyers who have been dealing with historically low inventory for years. Additionally, it’s a nice surprise as many sellers have been hesitant to list their homes in favor of maintaining their low 2 to 5% interest rates,” said Libby Levinson-Katz, chairwoman of the DMAR Market Trends Committee.
The average number of active listings for April is 14,048 (1985-2023). The record high was 29,045 listings in April 2006; the record low was 2,594 in 2021. There were 6,990 listings last month, up from 5,859 in March and 4,620 last year.
Despite having more homes available, the median close price increased to $602,550, up from $595,000 in March and $580,000 from last year.
The median number of days on the market dropped to eight in April from 11 in March, while the closed-price-to-list-price ratio continues to hover around 100%.
Levinson-Katz anticipates available inventory will increase in May, making it crucial for sellers to price their homes appropriately.
“Buyers on the hunt for their next property will likely choose the one priced at fair market value, with very little work needed,” she said. “This is not the time to push the price or to place a home on the market to see if you can obtain the price you hope to achieve.”
Susan Thayer with the Thayer Group, a member of the market trends committee, said new listings in the $1 million-plus category increased by 33%, and sales volume increased by 17% from March to April. Sales volume of $2 million-plus homes increased 43.8%.
“Since the high interest rates, looming Presidential election, and lack of federal rate cuts don’t seem to be affecting this top price segment, I expect the market to flourish in May,” Thayer said.
Nick DiPasquale, with West+Main, a member of the market trends committee, said April’s inventory built on March’s momentum as more sellers put their homes on the market.
However, sellers must prepare their homes before listing to be successful.
“Sellers who can invest the time and capital into those value-added updates or repairs before listing will stand out in this market. Buyers who can be patient and thorough in their search will find a great home for them out there.”
The news and editorial staffs of The Denver Post had no role in this post’s preparation.
