Today, I want to give you a quick update on the real estate market for March 2016.
Market activity is up, especially on the buyer’s side. The Denver market is seeing a lot more interest, and fortunately, there are a lot more people out there looking for homes.
On the other end, sellers are holding off for the spring and summer market frenzy that starts around April and May. Homeowners that purchased back in 2008 or 2011 are looking to move up into their next home. They are taking advantage of the great equity they have built over the last few years and those historically low interest rates. That combination gives them a lot of buying power!
The number of sold properties is a little over 2,700, which is down 10% from last year. However, inventory was lower this year, so hopefully that will improve in the spring months. Homes are spending an average of 46 days on the market. However, homes in desirable neighborhoods or price points are going much quicker.
In fact, the the average sold price is up 9% from last year as the market continues to increase. Multiple offer situations are causing homes to sell for over list price.
Homes under $325,000 are in high demand throughout the metropolitan area. This is one of those price points where you are likely to wind up in a multiple offer situation. These home are going for over list price. Hopefully, more listings will come on the market in spring and balance that out!
Finally, who you work with matters. You want to work with an agent who has their finger on the pulse of the local market. If you have any questions, give me a call or send me an email. I would be happy to help you!