Good News All Around…
How this Impacts Buyers
With the busy season going at full speed, more homes are making their way to the market. REcolorado data showed a Metro wide 42% increase in fresh listings from February to March and Washington Park saw a 15% increase. Buyers may feel a bit less pressure to make an immediate decision as homes are staying actively available for sale a week longer than in the past two years. However, competitively priced homes are still moving to contract quickly.
Forecast for Sellers
According to REcolorado data, prospective buyers signed 22% more contracts in March than February in the Denver Metro area. Washington Park saw a 15% increase in contracts month over month. Although, closings in Wash Park are down from the white-hot market of 2022, more buyers are coming to the market ready to make an offer, especially when homes are priced competitively. For well priced homes with good locations and in good condition, we are still seeing brisk sales with 8 of the 18 March sales in Washington Park selling at or above asking.
So, there is some good news for both Buyers and Sellers. With only about 5 weeks of inventory, it is still a Seller’s market. According to the National Association of Realtors, a balanced market does not come until we have 6 months of inventory. We still have a long way to go to reach that milestone. No doubt someday we will but it does not appear to be in the near future. If we can bring our many years of experience to help you buy or sell anywhere in the Denver Metro Area, please be in touch.
Your call to The Bridge Team at 303-331-4562 will be warmly received.
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