According to April’s Market Trends Housing Report from the Colorado Association of Realtors, the state’s housing market is experiencing a shift toward more buyer opportunities.

This report reveals that new listings have increased by 18% statewide, leading to a higher median sales price and a more balanced market.

Many industry insiders think the market is shifting in buyers’ favor as the real estate climate is showing signs of adjusting to the other direction. Sellers who waited for interest rates to come down have finally decided it’s time for a move, regardless of today’s rates.

Others think it’s more accurate to say we are moving toward a balanced market. Buyers are rarely in the driver’s seat during the height of the spring and early summer selling season but due to the volatility in the mortgage rate market, we are approaching parity where a near-balanced market also balances negotiation dynamics between seller and buyer.

Sold properties and those pending or under contract rose in April, increasing the median sales price. Statewide, the median sales price for all properties rose 6% from $530,000 in April 2023 to $559,980 last month.

The percentage of list price received continued to hover around 99%, with most sellers still receiving near-asking price offers on average. The average days on the market increased 4% to 48 from 46 in April 2023.

Colorado’s housing market continues to be strong. Even elevated interest rates, rising insurance costs, and higher property taxes haven’t fazed buyers and sellers here in the Mile High City.

In April, the Denver-metro area remained one of the hottest housing markets in the country, fueled by financial stability, economic resiliency, low housing supply, and an unwavering attraction to Colorado’s high quality of life. The significant mismatch between our limited supply and excess demand has continued to perpetuate a moderate-to-strong seller’s market so far this year.

If you’re thinking of buying or selling the Denver area this summer, the time to start your journey is now. Reach out to one of the experienced professionals at Metrowest and let us help you start the process!