Localization
At least once a week, I’m asked, “Brad, how’s the market doing?” And this has become my go-to answer: “Which zip code or neighborhood are you asking about?”

Real estate has become highly localized. Some areas are experiencing competition with multiple offers; others are experiencing longer listing times.

No joke. Here’s a random example. In zip code 80014 in Aurora, the median sold home price increased from $529,000 in March to $545,000 in April (up $16,000). However, in neighboring 80015 in Aurora, the median sold home price increased from $579,950 in March to $581,500 in April (up $1,550).

If you want to know about your specific zip code or neighborhood — or another area where you’re considering buying an investment property or someone in your circle is considering buying a home — then notify me and I’ll dig deep into the data for you.

Spring Has Sprung
Despite April's weather — marked by snow and wind storms — coupled with ongoing higher interest rates, our market continued to be resilient, which, typically, is a signal for a robust spring season. The demand for homes — a 10% increase in the number of pending transactions and a 6.3% increase in the number of sold transactions — indicates a vibrant market.

Yet, the market remains tight, meaning we still have an historically low supply of available homes and probably will for a long while.

My monthly mantra: I believe Months Supply of Inventory is a true yardstick of the real estate market. A "balanced" market has at least three months and up to six months of supply available. In other words, if, starting today, no sellers were to list their home for sale, then — according to the definition of a balanced market — all the for-sale homes would sell in three to six months.

However, that figure was only 1.8 months in April, which is a slight uptick from 1.6 months in March and 1.3 months in January.

First Impressions
I've noticed about half of all properly priced single-family homes went under contract within their first week on the market — with some receiving multiple offers. Meanwhile, the other half often lingered on the market for 30 to 60 days. Again, the proper listing price and specific location — city, zip code, or neighborhood — matter.

Movin’ on Up
The median sales price for houses in the metro Denver area rose again – 3.3% – month over month to $665,000. It also increased 4.7% from April 2023, and that’s after nearly the majority of homes in the Denver metro area declined in value during the second half of 2023.

With the busy season upon us, that number should continue to rise, as real estate typically does, unless something occurs that disrupts economic conditions, locally or nationally. 

A Seller’s Market, but … 
Although the Denver metro real estate still favors sellers, some buyers are rejoicing. Depending on the neighborhood and zip code – remember the first two paragraphs of this report? – and whether a home is properly priced, some buyers are purchasing homes for less than the asking price, and some of them are asking for and getting seller concessions, which is another term for seller-paid closing costs. 

Note: Days on market can be skewed by how the MLS processes new-construction homes.