Denver Metro Average Days on Market are at...?

[Kenny Smith]

April was another very busy and rapid month when it comes to the Denver Metro real estate market goes. It's important to understand not just home prices throughout the market, but why it's either going up or down.

Tracking the numbers, we are still at very low inventory with last month ending on right around 4,200 houses on market. One may look at inventory and be able to tell right away that is why home prices are either going up, or down.

Yes, that is part of the formula, but days on market is also VERY important when determining how the market is doing, and how active buyers are or are not.

Days on market is an often overlooked statistic for some, but using this data point will give you a better understanding of the pace of the market.

In January, we ended the month at an average of 42 days that home sat on the market before going under contract. Last month, we finished at 27. Still a long ways away from our average of 8 of last April, but the numbers continue to go down.

That tells us the demand is still very strong, and people know it. IF you are in the market or are going to be in the market anytime soon, understanding this statistic is crucial for you buying or selling strategy.