Speaking from my own experience, I can confidently say that the spring real estate market has begun! With two listings hitting the market this weekend and another poised to go live in two weeks, I have been noticing how much pent-up buyer demand there is in the Denver metro market. For example, one of my listings in an enviable location in Downtown Golden received 27 showings the moment it was listed as Coming Soon in the MLS. I have been fielding calls and emails for the last several days from buyers’ agents who wanted to submit offers sight unseen!
With an unseasonably cold and snowy winter (hopefully) behind us, serious buyers are back on the hunt and are snapping up well-staged, strongly marketed and beautifully photographed homes fast. Most homes receive an offer after 11 showings, which is down 20% from the previous week. We are sitting at 10 median days on market across all price points, with 45% of detached single-family homes and 43% of attached homes going under contract in less than 7 days. Let’s take a moment and remember how we were at 4 median days on market for most of 2021 and into early 2022, before ending last year with properties sitting on the market for three to four weeks. Things can and do change quickly around here.
Just like the weather in Colorado, the real estate market can shift within a few days to a week. While March was a split month in terms of the velocity of the market (spring break took many buyers out of the market for a bit), we are seeing an increase in the number of homes coming to the market for the remainder of April.
If you are considering selling your home, I strongly encourage you to “carpe diem” this sweet spot in the market before the Federal Reserve meets in May! If I have learned anything over the last 2 years is that while we cannot time the market, we CAN be vigilant and seize opportunities as they present themselves.
Be well,
Nilmini
