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April 2021 Update:
It's easy to have a scarcity mindset when we look at the active listing numbers for the first part of 2021. March inventory is down 71% year-over-year, which is scary given that the busiest part of our real estate season is right around the corner. But here's the critical number: 5,513 new listings hit the market in March. That's down year-over-year, but it's good news given the historically low inventory in 2021. So, why are we not seeing a month-over-month increase in active listings if we're seeing a month-over-month increase in new listings coming? Demand is still at an all-time high. Pending sales are up 32% year-over-year, and days in the MLS are at an average of 19 days. While we have new listings hitting the market, they are going under contract at lightning speed (typically on opening weekend with 15+ offers).
Supply - Active Listings
Active listings took another dip in March with only 1,654 listings, down 71% year-over-year. As we mentioned earlier, demand plays a huge role in why we see these active inventory numbers decrease month-over-month.
New listings took a big jump in March, with 5,513 new listings coming onto the market. Although this is still down 11% year-over-year, it's encouraging to see the Spring market start to pick up!
Demand - Pending Sales
Pending sales saw a three-year high in March - up 32% year-over-year with 5,593 homes under contract. We should continue to see pending sales increase through the summer as we hit the real estate season's busiest months.
Percent of Closed to List Price
No surprise here that percent closed to list price had a month-over-month increase. It is not typical to see an average over asking price this early in the year, but strong buyer demand has pushed us over the 100% marker earlier and continues to push the limit.
Greater Metro Denver includes the following counties: Arapahoe, Adams, Broomfield, Denver, Douglas, Elbert, and Jefferson
Reports based on data from REColorado®, Inc.Posted by Ryan Penn on