In Full Bloom: Spring Brings Strategic Moves for Buyers and Sellers

by | Mar 7, 2024 | Blog, Denver Real Estate Market, Real Estate | 0 comments

As the spring selling season unfolds, the latest market trends report from the Denver Metro Association of Realtors (DMAR) points out that strategic planning is the true key to success in the Denver real estate market – it’s more than just the luck o’ the Irish!

The DMAR report notes that the “market frenzy” is back this spring, “particularly for homes priced in the sweet spot, often attracting multiple offers within days of being listed.” Educated sellers are aware of the uptick in interest rates but recognize the pent-up demand from buyers experiencing spring fever. 

With a strategic approach guided by their agent, sellers seized the opportunity to list their properties in February, resulting in a notable 29.12% month-over-month increase in new listings. However, they also acknowledge the growing competition, as active listings at the end of the month totaled 5,511, an increase of nearly 46% over the same period last year. 

Meanwhile, buyers are invigorated by the news of increased inventory. While some engaged in multiple offer situations for their dream homes, others expanded their search parameters, anticipating more options in the market. Negotiation is at the forefront for buyers, who are increasingly focused on ensuring their new homes are move-in ready, leveraging difficult inspections to address deferred maintenance before closing.

Median days on MLS dropped approximately two weeks – from 36 days on the market last month to 23 days in February, marking a 36% monthly decrease and an 8% dip year-over-year. The average closing price for residential detached and attached homes landed at $676,575 – an increase of 3.27% over January and more than 3% over last year.

Also notable: many buyers are now considering home insurance availability as a factor in purchasing decisions. Buyers are proactively assessing insurance coverage and obtaining a Comprehensive Loss Underwriting Exchange Report (“CLUE”) to uncover potential obstacles before submitting offers, thereby streamlining the transaction process.

As the spring season gains momentum, Libby Levinson-Katz, Chair of the DMAR Market Trends Committee, notes that “the best way to find your treasure is through thoughtful strategy,” citing the importance of preparation on both the buyers’ and sellers’ sides. Prepared sellers are minimizing negotiations during inspection rounds, while strategic buyers are well-informed and decisive in their pursuit of the perfect property. With strategic planning at the forefront, both parties are poised to capitalize on the opportunities presented in the current dynamic real estate market.

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