Metro Denver housing market has most unsold listings in over a decade

Metro Denver s housing domain now has more unsold listings available than at any point since with properties looking for a buyer at the end of May according to a monthly update from the Denver Metro Association of Realtors That is nearly higher than the listings available a year ago and times the tight listings available in May which marked a record low for that month Right now the Denver Metro housing domain is a master class in patience noted Amanda Snitker chairwoman of the DMAR Industry Trends Committee and a local Realtor in comments accompanying the monthly statement Whether you re a buyer waiting for the right home to hit the sector or a seller holding out for the best offer in the current era s conditions reward those who can pause plan and stay engaged There were new listings in May a increase from a year earlier That isn t a big jump but the backlog has been gradually building In the first five months sellers listed homes and condos up from the same period in according to the document Although buyers and their agents have long pleaded for more supply Now that it has arrived sales are not keeping pace a reflection of elevated prices and mortgage rates The homes that sold in the metro area last month represent a decline from April and a decline from May As long as new listings continue to outpace closings the inventory will continue to back up putting pressure on sellers As more homes enter the territory and fewer are closing we re seeing a build-up of functioning listings rolling into the next month Snitker mentioned This is where strategy and staying power come into play Sellers need to be mindful of how their home is positioned while buyers may at last have more room to breathe Inventory levels are moving closer to historical averages which for May is listings in DMAR records going back to Listings are taking a median of days to go under contract which isn t as fast as the pace seen a inadequate years ago but isn t sluggish either When inventories were super-tight in and early prices soared Reversing that logic will prices start falling now that the sphere appears to be saturated with a surplus It isn t happening yet but Seattle-based real estate brokerage firm Redfin argues it is a matter of when not if The median price of a detached or stand-alone home sold in May in metro Denver was up from April and over the past year according to DMAR For condos and townhomes the median price was up from April and down from May Redfin estimates that sellers nationally were sitting on billion in unsold inventory at the end of April of which billion had been waiting days or more to reach the closing table That excess supply is due to there being about more home sellers than buyers in the current housing domain with sellers outnumbering buyers by a margin in metro Denver A huge pop of listings hit the industry at the start of spring and there weren t enough buyers to go around stated Matt Purdy a Redfin Premier agent in Denver in a release House hunters are only buying if they absolutely have to and even serious buyers are backing out of contracts more than they used to Buyers have a window to get a deal there s still a surplus of inventory on the realm with sellers facing reality and willing to negotiate prices down