27% Increase in Listings?!
April 11, 2017
Last week, DMAR (Denver Metro Association of Realtors) released their March report which showed a 27% increase in listings in March over February. Great news? Yes. However, it is worth noting that the average number of listings in March over the past 31 years has been 15,040 homes whereas this March (even with the large increase) offered up a whopping total of 4,921 homes and condos for sale – a mere third of the historic norm.
In short, inventory levels are still incredibly low at just over 1 month. This means that if no more homes came on the market, it would take slightly more than 30 days for all the inventory to be gobbled up based on current buyer demand. Ideally we’d like to see the inventory in the range of 5 – 7 months in order to be in a market suited evenly for buyers and sellers alike.
Deals are coming together every day, but having a solid plan in place, whether from a buy or sell side of the equation, is key. Holler at me if you have any questions as to how best to navigate this interesting market.