As summer begins tomorrow, the housing market just keeps getting hotter for sellers around the country, and especially in the Denver metro and surrounding areas. Homes are selling an average of three weeks faster now than they were a year ago according to Realtor.com. This acceleration is due, in part, to such low inventory levels. In fact, inventory in Denver and the surrounding counties is 71% lower than at this time last year (for detached and attached residential homes). And home closings in May were up 49% year over year.

When it comes to home buying and selling right now, there are a few interesting trends that are beginning to take place unrelated to the pandemic. These trends could impact the market for some time. An increasing number of baby boomers, the 2nd largest demographic in America, are beginning to retire and seek different styles of homes more suited to their needs. In some cases, they are passing their wealth onto their children. The Millennial generation is the largest demographic, and is now entering their prime home-buying years and starting families of their own. Another factor playing a role in the housing market relates to new builds. For the past decade, the homebuilding industry did not keep pace with historical trends and growth and is now racing to catch up despite skyrocketing lumber prices.

This all bodes very well for sellers right now. However, whether you’re looking to buy, sell, or simply discuss the market, please reach out to me anytime.