Hello to all! I hope this month’s market update finds everyone safe, healthy, and sane.
I know that’s been a real chore for all of us. Luckily, the weather’s been pretty phenomenal, and we’re seeing parts of our world starting to take baby steps toward recovery. Of course, we don’t know what that looks like yet, nor will we for some time, I’m guessing. But we’re making progress, and progress is always good.
On Monday April 28th, Colorado’s Stay-At-Home order expired.
Our market can best be categorized right now as a “compressed” seller’s market.
Since the market essentially paused in March and April, which are typically our busiest months, inventory stalled, and demand became pent up. It’s like COVID picked our market up, and moved it to May – May is when we typically start to see our spring flurry begin to slow down. Instead, we’re seeing that pent up demand gobble up everything the market has to offer, and we’ve seen months of inventory drop from 1.8 to 1.0 over the last several weeks. That means if new listings stopped coming on the market today, it would take one month for every home left on the market to be purchased. A buyer’s market is generally considered to be 6 months of inventory.