The number of Denver Homes for Sale dropped to a new all-time low. And, inventories are forecast to remain at these record levels though at least June according to Megan Aller, Statistician and Title Officer at First American Home Title. With approximately one million single family homes in the Denver Metro area, less than 800 are currently for sale. And, demand from hungry, potential home buyers is soaring though the roof.
All data courtesy of Denver’s MLS, ReColorado
Megan appeared on this All Denver Real Estate blog back in 2019. Even then, she was pointing out that in spite of low inventory, rising prices and high buyer demand, we were in a real estate bubble.That is still her position. But, now the number of Denver homes for sale is lower, prices are much higher and huge buyer demand is forcing multiple offer competition throughout the market.
So, not much has changed over the last two years. Except, there now even fewer homes for sale and demand to buy homes is even stronger.
Luxury Denver Real Estate
Luxury homes priced above $1.5m usually sell much more slowly. And, they are still selling at slightly slower rate. But, even potential Denver luxury real estate buyers are having trouble finding and bidding on a home without competing against multiple offers for substantially over list price. Right now, there is only a two week supply of luxury homes for sale.
It’s not unusual to have some homes sell $100,000-$200,000 over list price. In addition, it is common for bidders to omit contingencies for loans, inspection negotiations and sometimes offer hard earnest money.
How long will this extreme “Sellers’ Market” continue? No one knows for sure what higher interest rates or a catastrophic event might do the market in the short to medium term. But, Megan predicts this market will last at least to June. She was absolutely correct in her forcasts when she spoke to All Denver Real Este back in 2019. Let’s see if forecasting continues spot-on.