Is It Summer, Yet? 

We are excited to publish our Market Insights for April 2023! Please, use the link below to access our latest report:

Blue Pebble Market Insights (April 2023)

For those who just want “The Skim:”

1.   A Marco Lull
2.   Demand: Starting as Expected
3.   Supply: Mispriced 
 

The unofficial start to the summer buying season is March because it’s the first month when a buyer could go under contract and realistically achieve a summer move. From here, we expect a pick-up in demand through the end of July in which prices historically accelerate rapidly. Given that mortgage rates are back above seven percent, and the average price of a sold home in the Denver metro is up over 40% since 2019, it will be interesting to see if we get the same price action over the next few months. We believe the market will hit a high plateau in which low supply keeps prices elevated and the average person feels pricing is very expensive. Indeed, we believe that we are approaching that point quickly as last month was the first month (outside of May 2020…) when the average price of a sold home in Denver was down year-over-year in over eight years. This is significant because the average list price of a home is up 11% as of the end of the month – something will definitely have to give.

— Jared, Founder & Owner, Blue Pebble Group