More and more people in Denver are putting their homes on the market, but those homes are being signed up faster than ever.
Why it matters: Even with a slight shift in the market, potential buyers need to be ready to act quickly and be prepared for competition.
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Driving messages: Inventory rose 35% in April from March 2021, according to the latest report from DMAR. This is the largest increase in its history. However, inventories are still at a record low, down 62.2% from last year.
Between 1985 and 2020, the average number of active listings in April was 14,300. This year there were almost 2,600.
Plus: Properties sold in an average of 13 days last month, compared with 19 days in March.
The report also said the number of national Google searches for property is increasing as potential buyers try to navigate the fast-paced market.
Bottom line: The rise in inventories is a sign that we are back on track with a more typical real estate cycle – with more activity in the spring and summer. But house prices are likely to keep rising if inventory levels can’t keep up with demand.
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