April historically ushers in the ‘spring market’, when there are more homes listed for sale than any other time of the year. (In May of 2020, there were 5,390 new listings compared to 2,144 in December 2020 in the Denver Metro Area). With warmer weather arriving, this is typically when real estate is the most active – people are able to take advantage of getting outside, shopping for homes, and settle into a new home before school starts again.
However, if we take a look at the market data, it appears that this spring may be very different than what we’re accustomed to seeing historically. Rather than a surge of new listings, we’re faced with quite the opposite - extremely low inventory. At the same time, we are seeing a continued level of very high demand, which has resulted in an unprecedented seller’s market.
On top of that, interest rates have begun to tick back up, adding a degree of urgency for buyers to lock in their new homes. All these factors have created an environment where homes are selling extraordinarily fast, and prices continue to rise, as people are willing to pay more to get the home they want.
Take a deeper look into your market stats: https://8z.com/monthly-market-snapshot/