Springtime is the time of the year where everything is in bloom. So is the real estate market blooming? Let’s take a look!
The Greater Metro Denver market IS picking up with a 22.4% month-over-month increase in properties going under contract.
We even saw a 25.2% increase in sold units from February to March.
Active listings increased slightly month-over-month by 6.6%...
...and are up a whopping 36.2% year-over-year.
Attached Single Family (ASF) inventory increased more than 64% compared to this time last year.
And, Detached Single Family inventory is up about 26% year-over-year.
Those increases are really giving buyers substantially more options than they saw this time last year which is really helping the market flourish. There are approximately 1,400 more homes on the market this spring than this time last year.
The increase in active listings has given buyers more bargaining power. However, the month supply of inventory is 1.7 months, indicating this is still unquestionably a seller's market.
Average Days on Market (DOM) decreased to just 30 days, down 18.9% since February.
But, up 22.5% year-over-year. On average it took homes 5.5 days longer to sell compared to this time last year.
The average sold price of a home got a bump up in March to just over $480,000, an increase of 2% from last year...
...and a 3% increase compared to last month.
Detached Single Family (DSF) average sold price increased by 2.3% month-over month. The average sold price in the Greater Metro Denver area is now $517,133.
Attached single family average sold price increased month-over-month up 3.4%. The average sold price in Greater Metro Denver is $356,643 for a condo/townhome.
The combination of increased inventory and interest rates which have remained relatively low and still affordable, have really fertilized our spring market. We’re seeing more sales this year than we ever did the last several years. Perhaps the increase in inventory has people believing they will be able to find the next house to move into releasing that log jam of folks who would move if they felt more confident in their options.
It’s not too late to take advantage of the spring market! We know everyone’s situation is unique.
Give us a call to discuss how the real estate market impacts you. We’d love to hear from you!
The Altitude Group
REALTOR® | MCNE
REALTOR® | CNE