This time last year, inventory was very low, this year, there’s 48.88 percent less. This will likely lead to fewer homes being bought and sold over the course of the year. There is less to choose from in the Denver Metro area prompting the continuation of extreme bidding wars.
“Prices dropped slightly, both average and median, but that is not reflective of our current market but rather 90 days ago,” said Chair of the DMAR Market Trends Committee and Metro Denver Realtor®, Andrew Abrams. “Based on the historic low inventory and current market demand, prices will likely skyrocket in the next three months. With the low inventory and competition, we are expecting prices to greatly increase in the first half of this year. Creativity in writing offers has been instrumental for a successful outcome. While many buyers grow frustrated through the process, leading to potential burnout, I want to emphasize that there are still diamonds in the rough.”
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