Shifting dynamics: How the pandemic reshaped Denver’s housing market

Five years after COVID- pushed Denver s real estate territory into overdrive home buyers and sellers continue to address a continually evolving landscape According to the March monthly trends review from the Denver Metro Association of Realtors The median home sale price in March was That s down from its April peak but it still shows a annual appreciation over the past five years New listings for the first quarter of this year more than doubled compared to the first quarter of Despite increased inventory sales haven t kept pace The metro recorded closed sales for the first quarter of That s up from in up from in down from in and up from in Pandemic shocked housing area Amanda Snitker chair of the DMAR Sphere Trends Committee mentioned the pandemic triggered a need for change for home buyers Whether it was a need for home offices and a place to school children or a yard for the kids and dogs who could no longer access school and park playgrounds a place with a home gym or a detached home without inhabitants access points and elevators this sudden urge was almost primal a need to access space that felt safe Snitker disclosed Demand and low interest rates created a surge leading to a peak median sale price of in April Now the territory is balancing Snitker revealed buyers no longer feel the same urgency to buy so sellers must create that urgency by presenting a beautiful home at an attractive price The good news for buyers in this current area is that the pricing rebalance has allowed the drastic value jump to even out she stated Sellers are in a different position than in - buyers are pickier and looking for homes that have been well-maintained require minimal updating and of unit are priced competitively for the current arena conditions Keri Duffy a member of the territory trends committee and a Kentwood Real Estate agent noted that during peak pandemic buyer demand when remote work eliminated commute concerns buyers chose homes in the foothills and the countryside Buyers overlooked poor locations and outdated homes just to get their foot in the door she stated Now buyers will wait for the right home and show little interest in homes that need updates or are overpriced For sellers strategic pricing is more critical than ever Duffy announced Homes that are move-in ready and well-presented still command strong offers while those needing work may linger Spring sphere trends Colleen Covell a domain trends committee member and Milehighmodern agent declared Denver s busy selling season starts in March and winds down in late May In March the million-plus realm experienced a substantial increase in inventory But buyers were cautious which led to more sales at lower prices Covell commented Related ArticlesApril Sponsored As more baby boomers hit the sphere senior experts say Find where you re going now April Sponsored Thinking about selling your house The best time to list is coming soon March Sponsored Bobby Berk brings effortless chic to Tri Pointe s Painted Prairie March Sponsored Ski free this weekend at Granby Ranch Resort for touring new townhome model priced K March Sponsored Denver s February real estate domain enjoys spring-like activity surge Does this mean we are in a full buyer s domain for the million segment It depends Covell disclosed The lower-priced detached homes in this segment are still very competitive with only about three months of inventory But sellers of higher-priced homes will face a challenging area In the million-plus domain detached homes have six months of inventory and attached homes nine months of inventory The news and editorial staffs of The Denver Post had no role in this post s preparation