Spring has officially sprung! Realtor.com reports that the week of April 16-22 is the prime time for selling your home as spring sets in. This period presents the most advantageous housing market conditions more conducive to home sellers than any other week of the year. The real estate market is already picking up pace as homes are selling much quicker than just a month ago. With interest rates slowly creeping up, buyers are motivated to act before rates increase even further.
Supply - Active Listings
Active listings experienced a 41% increase compared to the previous year and a modest 3% rise compared to the preceding month. The present active listing volume falls between the reduced levels observed in 2022 and 2023, and the greater yet historically low supply levels seen in 2019 and 2020.
4,797 new listings came on the market in March. This metric was up 46% compared to last month. Over the past five years, spanning from 2019 to the present, March has seen an average of 5,556 new listings. However, this March experienced a notable decline, with 759 fewer homes entering the market compared to the average - a 14% decrease.
Demand - Pending Sales
Demand was down 13% year-over-year but up 20% compared to last month. The prevailing high-interest rate environment continues to have a dampening effect on buyer demand in the housing market. The volume of pending sales this month reflects that of March 2020, which marked the onset of the COVID-19 pandemic.
Percent of Closed Price to List Price
In March, the closed price to list price ratio was 99.8%, a decrease of 7% compared to the previous year, which is a considerable change from the extreme heights of 2022 when the ratio was over 106%.
Average Days in MLS
The average number of days on the market increased to 37 days, representing a 21% reduction compared to the previous month, and a substantial 236% year-over-year increase (from an average of 11 days during the same month last year).
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Reports based on data from REColorado®, Inc.
GREATER METRO DENVER INCLUDES THE FOLLOWING COUNTIES:
- Arapahoe, Adams, Broomfield, Denver, Douglas, Elbert and Jefferson
- Reports are based on information from REColorado®, Inc. for the period shown in title. Note: This representation is based in whole or in part on content supplied by REColorado®, Inc. REColorado®, Inc. does not guarantee nor is in any way responsible for its accuracy. Content maintained by REColorado®, Inc. may not reflect all real estate activity in the market. •Information deemed reliable but not guaranteed.
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Mortgage Data Source: Freddie Mac
Posted by Neil Walton on