SNAPSHOT
- # of Homes for Sale remains steady at 5,129 as of April 1, 2020. This inventory is slightly lower than the same time last year.
- # of Homes Withdrawn from the Market increased, but at a slower rate than the previous two weeks.
- # of Total Home Showings are down on average by 54% from week 10 (2020).
- # of Showings Required for a Home to Go Under Contract is down on average by 48%.
- # of Homes Under Contract are down by approximately 19.8% compared to the last three-year average.
- # of Days-On-Market remains the lowest in 4 years at an average of about 14 days.
- Homes Sold Prices are still holding steady at about 6% above previous years, for now.
EXPLANATION
For the moment, Denver is still a strong sellers’ market as inventory remains low and interest rates continue to attract buyers. However, we remain circumspect arriving at conclusions about the direction of the market. So many factors are at play between the stimulus package, lost jobs, shelter-in-place order and direction of the US economy.
We anticipate at least a slight rise in the number of homeowners selling their home out of need vs. desire. This need may drive a sense of urgency and thereby cause a change in home value appreciation.
Because of the substantial variation in market activity, sellers and buyers should look at detailed market analysis figures for their specific geography and price range before listing their home for sale or placing offers to purchase.
GUIDANCE
Every homeowner and home buyer’s needs and circumstances are different. Don’t take an article like this as guidance for how you should proceed. If you are sensing a need, sit down with your agent and figure out what is right for you.
For some homeowners, now is a great time to refinance. For others, getting a line of credit is prudent. For some, it might be time to look at forbearance with your current lender and for others, it’s time to sell either out of need or desire.
Whether sitting tight in your current home or selling sooner than later, let me know if you need help.
This article was originally posted here on the Colorado Home Realty blog.
