When listings do hit the market, they are moving quickly, spending a median of seven days last month compared to 10 days in March, 25 days in February and 34 days in January
Like waters rushing down from the melting snow in the mountains, new home listings usually pour into the metro Denver market around this time of year. But things are not flowing along like they normally do and the blockage appears to be on the side of sellers.
And while the inventory of homes and condos available for sale did rise 2.3% month-over-month to 4,620, that gain is far below the historical average gain of 10.4% between March and April, nowhere close to thelast year. In fact, the increase was the weakest showing since 2014 for those two months. That said, some properties continue to languish. Nick DePasquale, a Realtor cited in the report, described one Highlands Ranch listing that spent 362 days on the market. Originally listed at $7.5 million, a buyer didn’t show up until the price fell to $5.1 million.
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