Spring is in the air! As clocks go forward and temperatures steadily rise, so did the demand for homes in the Denver Metro Area during March. We saw a continued increase of new, pending, and closed listings like months prior.
While inventory levels remain low, the median closing price is up 21% from last year, with the average closed price of $704,372. Meanwhile, the $300,000-$500,000 price range brought the most new listings of homes for sale.
What Does This Mean for Buyers?
March brought a third consecutive month of increases in the number of new listings to hit the market, jumping 41% from previous months. Staying on-trend, homes in the Denver Metro Area were only on the market for a median of 4 days in March, so if you’re hoping to buy, prepare to move quickly.
Visit REcolorado.com to start your home search and connect with an agent today.
What Does This Mean for Sellers?
The busy buying season has begun! The median closed price rose above $600,000 in March, which is more than 20% higher than last year. This is great news for potential sellers because homes are receiving multiple offers, which has driven homes to sell for an average of 6% above the original list price.
If you’re looking to sell, be sure to contact a real estate professional to get the latest market outlook in your area.
Homes in the Denver Metro Area continue to be sold at an extremely fast rate. This phenomenon has held the number of homes for sale below 2,000 for four consecutive months, which is down 75% from 2020.