Perspective on the Denver home market from our Title Company

While the words “speed” and “scarcity” best describe Colorado real estate for the month of March, we are seeing signs of an encouraging Spring market on the horizon. In fact, 5,511 new listings hit the market in March in Denver’s 7 metro counties. For comparison, January saw 4,075 homes for sale and February had only 4,307 new listings on the market in Denver. While this is less than in prior years – and we anticipate a seller’s market for some time – this could indicate that more listings will soon come on the market. Anecdotally, we are hearing that sellers are less hesitant about allowing potential buyers into their homes for showings which should spur more homes coming to market.

Another headline for March is that the percent sold to list price hit another high at 104.1% for detached single family homes. This means that for the average sales price of $662,998, homes are selling for an average of $64,537 above the list price. We are seeing this type of trend statewide.

For Denver Metro, pending sales are up 31% year-over-year and days on market are at an average of 20. So, while new listings are hitting the market, they are going under contract at lightning speed. Colorado continues to be an in-demand place to live and invest! Sales are still happening every day at all price points and don’t be discouraged. It will likely take a bit longer to make a move than normal, meaning you may need to write more offers in order to get one that is accepted.

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