The housing market remains competitive across Colorado. While sellers bring new listings to the market, contracts are being written on homes as quickly. Demand remains strong across the Denver Metro Area this March with more homes closed than any other March on record. The number of New Listings picked up from last month, with sellers are bringing more homes for sale to the Denver Metro market, but inventory remains scare. March ended with only one week of inventory and fewer than 2,000 Active listings. Throughout the month, we saw 5,169 closings and 5,783 contracts written on listings. Strong demand pushed home prices higher once again, with the average price of a single-family home up 15% from last year to $588,009.
HOMES CLOSED: Up 7%
In the Denver Metro area this March, 5,169 Homes Closed, which is more than any other March on record. The number of March closings was 7% more than March 2020 and 31% more than last month.
In March, the count of listings in Pending status was 5,783, 28% higher than last year and up 25% from last month, indicating the number of closings could continue to be strong.
PRICES: Up 15%
In March, the average price of a home in the Denver metro area was $588,009, a year-over-year increase of 15% and up 7% from last month.
Single-Family Residences sold for an average price of $674,665, up 19% year over year. The price of multi-family/condos/townhomes was up 8% from March 2020, at an average of $414,548.
NEW LISTINGS: Up 13%
Throughout the month, sellers brought 5,820 new listings to the market, 13% fewer than last year at this time, but 28% more than last month.
The count of active listings of homes for sale at the end of March was 1,751, 73% lower than last year and 13% lower than the end of last month.
We currently have 1 week of inventory, 5 weeks fewer than last March and 1 week fewer last month.
DAYS ON MARKET: Down 11 Days
In March, homes spent an average of 19 days on the market, 11 days fewer than last March and 5 days fewer than last month. On average, Single-Family Residences were on the market 16 days, while Multi-Family/ Condos/Townhomes were on the market 26 days.
The median number of days a home spent on the market in March was 4, 3 days fewer than March 2020.
YEAR TO DATE
The first quarter of 2021 was active for the Denver Metro housing market. Throughout the quarter there were more closings than in any other Q1 on record. Prices are also breaking records, hitting all-time highs. To date this year, sellers have brought fewer listings to the market, which is keeping inventory levels at record lows. Homes are moving to Pending status quickly, in an average of just 23 days during the first quarter.
THINKING ABOUT BUYING OR SELLING A HOME?
If you're considering buying a home, contact me today! An local real estate agent and experienced REALTOR® can help you navigate market conditions, see new home listings as soon as they hit the market, negotiate an offer based on the true value of the home, and more!