New Year Same Old Story...
As the calendar turned to 2021 we find ourselves in familiar territory. The Denver Housing Market continued to be extremely hot. The number of active listings across the Denver Metro Area reached record lows with just under 2,200 active listings at the end of January.
As low inventory levels continued into the new year, buyers are struggling to secure a home due to heavy competition. Multiple offers over asking price and favorable terms have squarely put the Sellers in the drivers seat.
As the number of weeks of inventory dropped by half to only 3 weeks it is growing increasingly difficult buyers to find a home to buy.
Although 4,285 new listings were added to the market it just wasn't enough to keep up with demand. Pending listings were slightly up by 1% with 4,558 homes going under contract.
As demand increased we saw the average days on market decrease by 19 days. January saw 3,164 homes closed. That reflects a 6% decline compared to this time last year due to the lack of inventory.
With low supply and high demand the average closed price for a single family home increased by a whopping 16% to $550,165!
All indications show that things will remain tight for the upcoming months. It makes it even more important to partner with a strong Realtor who knows how to navigate challenging markets.