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.