Denver Listing Is Prime Example of Tight Housing Market
Over the course of 72 hours, roughly 100 people toured a home for sale in Denver, priced at $500,000. In January, Denver had 26 percent fewer homes for sale than a year ago, while the national supply is 10 percent lower.
While winter is usually the off season for the housing market, many buyers are still experiencing competition. Brittany Storoz, who has been looking for a home in Denver for a few months, told CNBC, "I thought I was at a higher price point where it would be a little bit easier for me to get a place without a lot of competition, but I've put down two offers so far and both times been beaten out by cash offers."
While a market like this may seem like the sellers are in the driver's seat, sellers are also often buyers. This is why some sellers are holding back and avoiding listing their homes. "I think part of the problem is people are finding it tough to find a replacement home that they can afford," said Redfin agent Martin Mata. Demand for home showings was still very high at the start of this year, according to Redfin, but the number of offers written was lower than a year ago.