In late 2021 and early 2022, metro Denver homebuyers had an astonishing lack of properties to choose from. Bidding wars were practically guaranteed as soon as a new home hit the market.

However, in what will be good news for buyers, some of that frenzy appears to be settling down. According to the Denver Metro Association of Realtors latest market trends report, 81.16% more homes were available at the end of March than at the end of February.

Year over year, there were 2,221 new listings at the end of the month, or 15.62% more than in March 2021. More supply can mean lower offers, fewer bidders and more choice. DMAR predicts a rising number of homes hitting the market in the months to come.

Andrew Abrams, DMAR’s Market Trends Committee chair, said that while we currently sit at 19.88% appreciation compared to last year, more inventory at the end of March is just a glimpse of what we can expect to see through the spring and summer market. However, while waiting may create more options, it does not guarantee more value. In fact, in March, the average sales price shot up 9.02%, or $58,418, Abrams noted.

While there is hope on the horizon, it doesn’t mean things are necessarily easy for those people looking to buy a home. Mortgage payments are extremely high and interest rates may continue to rise. Still, with patience, persistence, and an experienced pro in your corner, finding the right house is still achievable. Contact Metrowest today – we’d love to discuss your home buying options!