New Listings Up 25% in April
Sellers are getting busy in the Denver area! Listing data from April showed 4,701 new listings in the Denver Metro area (excluding condos and townhomes), a 25% increase over March and 27.5% higher than this time last year.
In reality, this is not that exciting--inventory levels have been so low recently that any jump in the # of homes for sale has become remarkable, but we're still below long-run averages and expect to be for some time. What is worth noting, though, is that this year's new listing data is looking much more like 2019 than 2023.
In reality, this is not that exciting--inventory levels have been so low recently that any jump in the # of homes for sale has become remarkable, but we're still below long-run averages and expect to be for some time. What is worth noting, though, is that this year's new listing data is looking much more like 2019 than 2023.
The Last Time Prices were This High, Rates were Under 6%
Prices rose again in April, hitting a median of $675,000 (up 4% YoY). The last time prices hit this level, rates were rising but were hovering below the 6% mark.
Though many experts believed (hoped?) rates would see a steady downward trend in 2024, volatility has defined the mortgage market this year. Rates are hovering around 7% today after weeks of downward movement.
Though many experts believed (hoped?) rates would see a steady downward trend in 2024, volatility has defined the mortgage market this year. Rates are hovering around 7% today after weeks of downward movement.
The bottom line:
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Sellers: Listings are growing! More listings = more competition for buyers' attention. List ASAP to capture the spring market before vacation season is in full swing, and make the most of your listing opportunity by making a great first impression.
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Buyers: the market is still competitive now, but if you can be patient and wait it out, there will still be opportunities in the months ahead. Heed the words of the Oracle of Omaha and apply them to your home search; you can't go wrong! "It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price." Just swap out the word "company" for "house" and you've got it!
Thanks for reading!
Best,
Jen and Chad
