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Market review in the Denver area!

By
Real Estate Broker/Owner with Hamm Homes

Buyers sprung into action this last weekend putting 21.4% more homes under contract than over Easter weekend, and when looking at the same week one year ago pending transactions were also up 14.9%. After a slower start to the year, buyers appear to now be ready to jump on new listings.

 

I hope this message finds you well and ready to tackle the opportunities of the current real estate market. This week’s report, covering April 3rd to 9th, 2024, offers exciting insights that are crucial for your strategy.

Market Performance Insights:

•This past weekend was particularly active with a significant increase in homes going under contract, reflecting a robust uptick compared to Easter weekend and a notable improvement from the same period last year. It appears that buyers, after a slower start to the year, are now eagerly engaging with new listings.

Trends and Inventory Updates:

•We observed a positive shift in our inventory levels with an increase in the daily active count. The total number of listings for sale has grown significantly compared to this time last year.
•New listings have seen a substantial rise, reflecting heightened seller activity and increasing buyer demand. Despite the increased inventory, the Odds of Selling over the next 30 days remained steady.
•Demand metrics suggest a strong move towards a seller’s market. With a remarkable number of showings and a swift move from listing to contract, the market dynamics favor listings moving quickly.
•Interestingly, there was a decrease in the rate of price reductions and a smaller average reduction in list prices, which aligns with the increasing market competitiveness.
•It’s evident that we are currently trending below the historical average Odds of Selling, indicating a unique market position that could influence strategies.

Forward Outlook:

•With the spring season in full swing, we anticipate the seller’s market to remain strong for the next 6-7 weeks. This period may offer the best competitive advantage for sellers in 2024, especially as we approach the summer break for schools.

Michael Elliott
Fathom Realty - Burlington Township, NJ
Burlington, New Jersey Residential Sales

Sounds like the market is hot, Will!   Hand out those business cards (great convo starter).

Apr 13, 2024 07:16 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Denver area buyers are getting a jump on the spring rush and grabbing the homes as soon as they come on market, That is a strong market.

Apr 13, 2024 09:19 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good afternoon Will,

Wow..it sounds like your market is red hot as buyers are out snagging homes as they come on the market. Thanks for your update!

Apr 13, 2024 10:48 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Will- it looks like a positive market report for the Denver Area!!!! Any interested buyers or sellers should contact you, 

Apr 13, 2024 01:20 PM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

It sounds like things are starting to move in the Denver area and hopefully your calls from prospective buyers and sellers have increased as well.

Apr 14, 2024 05:16 AM
Roy Kelley
Retired - Gaithersburg, MD

Families considering a move to the area will appreciate your local real estate reports.

Apr 14, 2024 08:06 AM
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I love the positive vibe to your report, Will Hamm.

Maybe the long hoped for adjustment is hitting your area.

We still have a serious shortage of homes to fulfill buyers' wishes.

 

Apr 14, 2024 06:43 PM