In a bit of good news for potential home buyers, inventory was up 35% in April from March 2021, the largest increase on record, according to the latest report from the Denver Metro Association of Realtors (DMAR), however, inventory is still at a record low, down 62.2% from this time last year.

Other report highlights include:

·       Homes sold within 13 days on average last month, compared to 19 days in March.

·       Average home prices also continue to rise, up 24.2% year over year and up 6.2% from March to April.

·       The number of national Google searches about real estate are climbing, as potential buyers try to navigate the quick-paced market. In fact, in a one-week period in April, the question "How much should I offer over asking on a home in 2021" jumped 350%.

The increase in inventory may be a sign that we're back on track with a more typical real estate cycle, with an uptick in activity in spring and summer. Still, home prices will likely continue to rise unless inventory can keep up with demand. More people are putting their homes on the market in Denver, but those homes are going under contract faster than ever before.

Even with a slight shift in the market, potential buyers still must be ready to move quickly and be prepared for competition. There are, however, a few things you can do to prepare yourself for a face-paced experience, including:

·       Getting preapproved for a mortgage

·       Working with an experienced agent

·       Going in with your best offer

Options are limited, but the market in Denver shows few signs of slowing, so if becoming a homeowner is one of your 2021, reach out to the experienced pros at Metrowest – we’d love to help you start the process!