The Denver Metro real estate market is constantly changing, and the latest DMAR Market Trends Report shows the trends for the month of May.
Inventory in April increased by 44.26%, which should be good news, right? The answer is yes and no. While this means more options are available for buyers, home prices in the Denver Metro are still on the rise. With the average listing price of a detached single-family home at $825,073, it's an 18.49% increase from April 2021. One tidbit noted in the May edition of DMAR's Market Trends Report was that the suburbs are cooling off. If you're looking to buy a home or relocate, definitely keep your location options open.
"Does this month's Market Trends report reflect the current market? It depends on how you are reading the stats. Fundamentally, two stats reflect what has happened and what will impact the future flow of the market. The number of closed transactions reflects the buyers' actions and thought processes from at least 30 days ago. If a buyer is thinking of purchasing in early March, they may not close until the end of April, so the closed data is reflected in May's report, That is the demand side and can be somewhat forecasted with market seasonality."
-Andrew Abrams, Chair of the DMAR Market Trends Committee and Metro Denver Realtor®.
The market is ever-changing, and it's essential to understand the trends to make the best decisions for your real estate needs. For more information on the Denver Metro real estate market, please get in touch with your local Madison REALTOR®.