DENVER — New home listings increased from February to March and properties went under contract at a higher rate but increases in HOA dues and insurance rates priced out some first-time buyers looking to purchase a condo in the Denver real estate market.
Spring home inventory is starting to build in Denver according to DMAR, which said active listings at the end of March rose 6 percent from February and increased by nearly 30 percent from this time last year. “Both the increase in median closed price and days in MLS showcase that buyers are out there and eager for the new inventory as they placed properties under contract twice as quickly as they did in February,” according to the report.
“A lot of buyers are really being, you know, kind of pinched in that first-time homebuyer condo market, which is really unfortunate, because they're the ones that are really having trouble in this market.” The NAR report referenced Rocket Mortgage data suggesting more than half of people with an HOA are not happy with the fees and 1 in 10 thought about selling their home because of an HOA.“Many HOA dues have risen, along with inflation, making some homeowners question if the value they’re getting is worth the cost,” the report added.