Well…we certainly are fortunate to live in the Metro Denver area, aren’t we? Amid the stock market’s performance, coronavirus fears, and February’s nearly record-breaking snowfall, buyers and sellers were determined to get moving:
– Homes flew off the market twice as fast as January (12 Days on the Market – wow)!
– More transactions closed thanks to early-bird buyers and sellers.
– On average, sellers got a slightly better return as the Sold Price increased (single-family homes bumped up to $544,054 – that’s +2.5%).
We had 5.5% more listings enter the market (over 5,000 homes) in February than January, but with so many buyers ready to purchase, homes were quickly snatched up. We actually finished the month with slightly fewer properties for sale.
These market trends + spring’s arrival = a strong, steady real estate market. The demand for homes will continue giving sellers the advantage (except in the $1 million+ market, which is quite balanced in supply and need). And with our record-low mortgage rates right now, buyers have an opportunity to save more money.
I’d love to answer your questions about the market and chat about your goals, plans, and needs. Feel free to shoot me a text, email, or call me anytime. Kyla Hammond: 720-431-1239, firstname.lastname@example.org #kylahammond
Source: DMAR’s March Market Trends Report