Homes for sale in the greater Denver area are difficult to find right now and in strong demand. If you would like to avoid getting caught in the market tussle for homes, you’ll find refuge at the higher end of the market. But how high?
The National Association of Realtors considers 4 to 5 months of inventory a balanced market. Less than that is a sellers’ market, and more is a buyers’ market. Currently our greater Denver area inventory is measured in days – 19 to be exact. However, as you can see from the graph below, the market softens as prices increase, and crosses over the four month threshold at homes over $3,000,000.
Of course, that’s a lot of money — only 0.5% of homes in the greater Denver area sell in excess of $3,000,000. The remaining 99.5% of the market will have to battle to win. Even at the high end, homes are sometimes underpriced and result in bidding wars. Having an accurate pricing evaluation, and a thoughtful bidding strategy is critical to success, and is what I do best.