According to the Denver Metro Association of Realtors (DMAR) March Market Trends report, Denver's real estate market continues to tighten and intensify with inventory down nearly 60% and average home prices up almost 20%. With homes flying off the shelf faster than ever before and at record-setting prices, it’s easy for house hunters to be discouraged by the current real estate climate in Denver.

But would-be buyers should know that despite somewhat daunting circumstances, it’s not necessarily a bad time to buy. Jenny Usaj, a DMAR Market Trends Committee member noted that low mortgage rates give buyers more purchasing power and help make monthly payments more affordable. Usaj also offered the following tips for those considering becoming homeowner:

1.     Go slow to go fast. Denver's market is quick and expensive, so get clear on your priorities and true budget before you enter.

2.     Pay attention to how long the home has been on the market. If it's been sitting for more than a week or two, odds are you'll have less competition.

3.     Consider a condo. They're sitting on the market a little longer than single-family homes (31 days in February, compared to 23) and have more approachable price points.

Other highlights from the March report include:

·       The average close price in February 2021 was $553,774, up 19.44% year-over-year.

·       The median close price was $475,000, up 18.75% from last year.

·       Homes flew off the market in 23 days, 41% faster than last February.

·       Inventory is down 58%. At the end of February, there were just over 2,000 listings on the market.

In a competitive market, it’s more important than ever to be able to put in a strong offer. But you can’t do this unless you know how much house you can truly afford. So, before you even start looking at homes, get preapproved for a mortgage loan. This way you know exactly how much you can bid for your next new home. If buying a house is one of your priorities for 2021, give Metrowest a shout today – we’d love to help you start the process!