In May, Denver County saw a 15% increase in available home inventory, while Broomfield was up 22%, Arapahoe up 10%, and Jefferson 19%.  Although these numbers are impressive, keep in mind we are still down 13.5% from May 2012 in Denver.  Buyer demand easily absorbed our well needed increase in inventory.  We are still in a seller’s market, and I anticipate it continuing for the remainder of 2013.  Taking a sneak peak, Denver’s mid-month inventory is down 3% from the beginning of the month indicating buyers are outpacing new listings.

Interest rates have started to increase but are still below 2010 rates.  Median home prices have continued to increase and are up 10% across the Front Range from May 2012.  Coupled with rising interest rates, every day on the sideline means less home you are able to purchase for the same amount of buying power.  Thinking about selling? Now is the time to take advantage of low inventory and increased prices.  Move-in ready homes priced competitively are going under contract within days and sometimes hours of hitting the market.  This summer will be full of opportunities no matter which side of the closing table you are on.

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If you’ve already started looking for a home, you don’t need me to tell you how hard it is to find one that meets your needs.  In Denver alone, available inventory has dropped 35% since January!  If you are actively looking and plan on purchasing in the next 30 days, you need to be aggressive.  And when I say aggressive, I mean really aggressive.  With the help of technology, successful buyers walk away with a home under contract within the first 24 hours of it being listed.  You are at a disadvantage if you aren’t using an automated property search that emails you when properties, that match your criteria, hit the market.  Time is of the essence. The longer the property is on the market, the greater the opportunity for other buyers to jump in the mix, and you may end up in a multiple offer scenario, paying more than you should.

If you find yourself on the other side of the fence and are considering selling, now may be the time to get serious.  Since January, average days on the market for residential properties in Denver dropped 13 days to near 12 month lows of 52.  For condos, over the same time period it dropped 10 days to 77, indicating properties are going under contract and closing quicker.  Median home prices in Denver are up $35,300.  The limited supply of homes and increasing demand from buyers will continue to drive prices higher as the summer season progresses.

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