Sellers offer concessions as Denver home market experiences inventory boost

The Denver Metro housing realm demonstrated volatility in April as an increase in new listings and rising inventory challenged the traditionally strong spring buying season They say April in Colorado can bring all four seasons in a single day and it also marks the start of severe weather season with the prospective for hail and tornadoes revealed Susan Thayer with the Thayer Group and a member of the DMAR Domain Trends Committee And the real estate region in April followed suit Selected homes sold with multiple offers in a weekend while others sat proceeding in the MLS for more than days without a showing New listings rose month over month and year over year Operational listings are up month over month and year over year Despite having more options pending sales dropped Buyer activity usually remains strong during the spring months and a month-over-month decrease in pending units although just percent may reflect an early peak in the spring domain reported Amanda Snitker chair of the DMAR Territory Trends Committee in prepared comments with the April monthly trends description from the Denver Metro Association of Realtors Prices hold steady Home prices remained stable with the median sale price for a detached home rising about percent month-over-month to The cost of attached homes climbed by to Sales volume so far this year is billion down about from last year s billion The number of closed transactions has decreased by about year-to-date compared to the same period in Sellers are increasingly offering concessions to close sales A description from Redfin indicates that in the first quarter of Denver ranked fifth among cities in the U S for the highest percentage of seller concessions with of home sales involving a concession That s roughly the same concession rate as during the first quarter Seller conditions can include buyer rate buydowns HOA dues and price cuts Inventory continues to increase The number of functioning listings in April totaled up from March s and from April s homes Despite the increase the average number of ongoing listings remains below the average of for April from to The record high in was and the record low was in with listings The historic seasonal increase from March to April is With more options available homes spent slightly longer on the sector The median days in the MLS were down from March but up from days in April Denver s region is increasingly driven by the distinct circumstances of each buyer and seller rather than any single headline reported Heather O Leary with eXp and a industry trends committee member Buyers are scrutinizing location condition and HOA obligations more intensely and they are quick to terminate when a home fails to meet expectations The news and editorial staffs of The Denver Post had no role in this post s preparation