Market Update, February 29, 2024

We’re seeing more multiple-offer situations with our clients. For example, we recently submitted an offer for a buyer with at least twelve other offers. Another buyer was competing with at least five other offers.

However, our experience may not reflect the entire local market. So, we decided to look at homes sold this week to understand what’s true.

We looked at homes sold in the past three days that were for sale five days or less and those on the market 45 days or more. 

When sellers accepted an offer in five days or less, homes sold for more than the asking price 40% of the time. 43% sold for the asking price, and just 17% sold for less than the asking price.

One home sold for 110% of the asking price, and many sold between 103% and 107% of the asking price. 

It’s likely that about 40% of the homes that were under contract quickly had multiple offers.

Almost all homes that took 45 days or more to sell sold for less than the asking price. The average was 95% of asking. Those homes weren’t subject to the competitive bidding that benefitted sellers whose homes sold more quickly.

Clearly, competitively priced homes sell quickly and for more money than others that linger on the market and sell for less than the original price. The homes that sell for more than the asking price do so because they’re in high demand and receive multiple offers. The competitive atmosphere around these homes drives prices higher, just like a well-attended auction.

If you’re a buyer looking for a bargain, take a look at homes that have been on the market for a while. If you’re a seller, start out with a competitive price and a well-prepared home.

Let's make it happen!

For assistance before you buy or sell a home, contact David and Tom at The Principal Team. Call us now at 720-782-2468 or schedule a time for us to call you.

Schedule a Call

During the last week:
New Listings – 1139
Back On Market – 234
Price Increase – 220
Price Decrease – 862
Pending – 1276
Withdrawn – 78
Closed – 1023
Expired – 204

Previous Week:
New Listings – 1161
Back On Market – 251
Price Increase – 215
Price Decrease – 885
Pending – 1224
Withdrawn – 104
Closed – 902
Expired – 177

Based on data from REColorado®

“The Principal Team is the best! David Lampe responded immediately to my request for help in finding a home in Colorado near Aurora and Littleton. His Principal Team partner, Tom Grant, took over from there. He was kind, very professional and knowledgeable, very familiar with the area, and a pleasure to know and work with. He responded to every text, call and email within minutes, Once my husband and I saw our dream home in their listings, he worked diligently to make our dream home become a reality. This past Friday, in less than a month, we closed on our dream house. We absolutely love it. i would and will recommend Tom to anyone needing a home in Colorado. We will be ever thankful for Tom Grant and David Lampe, The Principal Team.”
– Sally L., Thornton

See what other clients have to say about
the services we provide