It seems like just yesterday the housing market in the Denver area was a buyer’s market. Now, however, the story in some neighborhoods and price ranges is completely different. Many realtors are reporting that sellers are receiving multiple offers on their homes with some offers being above their asking price. The average amount of time a home is staying on the market in Denver is right around 30 days. This puts them at number 2 in the nation for least amount of time on the market; the national average is 89 days.

Realtors are giving some helpful advice to buyers out there: start looking early and be prepared to make an offer because if you are just casually browsing the market, all of the good houses are going to be gone. There’s a lot of competition out there right now, so if you’re not serious about buying a home right now might not be the best time to be shopping around.

Many homes are getting offers on them within 48 hours of being put on the market. This can mostly be attributed to an increase in buyer demand and a drastic decrease in the housing supply. There were almost 10,500 homes on the market in March that weren’t contingent or sale pending, a year-over-year decrease of 42%. Homes priced between $250,000 and $400,000 seem to be the most sought after.

Even though the number of homes on inventory has decreased, a significant impact on home prices hasn’t been seen yet. Some realtors feel this is going to change in the near future as demand for homes stays strong and multiple offers means increasing values.

It’s hard to predict how prices will fluctuate because of the number of foreclosures that are waiting to be put on the market. There are currently 1650 foreclosed properties waiting to be listed; when they are listed it could slow down the increase in home prices.