what is going on with the Denver Real Estate market...?

[Kenny Smith]

what is going on with the Denver Real Estate market...?

Over the last few months, the market has exceeded most experts expectations. Sure, it wasn't quite what we saw during COVID as interest rates have more than doubled since then, but it wasn't far off...

With inventory hitting rock bottom once again starting in March, we saw buyer demand still at an all time high. In return, basic economics of supply and demand showed us once again how prices can increase tremendously over a very short period of time.  Within the last few weeks, the market could see a slight cooling off. Inventory is slowly started to creep back up giving the motivated buyers some breathing room.

Inventory is now sitting at over 5,200 homes on market which is the most on market since the middle of last December. Within the last couple of weeks, instead of seeing multiple offers in the first weekend on market, maybe there is only one or two. Of course, this is very much depending on the price, location, and quality of home. If all three of those boxes are checked, bidding wars are still happening.

If we continue to see more and more homes hit the market, prices may start to cool slightly. That of course is assuming rates hover around where they're at right now. Any significant decline in rates could be the catalyst to spark the market right back up again...