Spring has sprung! New listings surged by 16.2% compared to last month, reaching a total of 4,707. Meanwhile, pending listings, a measure of demand, rose by an impressive 28% from the previous month and showed a 3.3% increase year-over-year. Additionally, the average days on the market decreased significantly by 17.4% to just 38 days. These robust metrics collectively signal a strong beginning to the spring real estate market.
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Prices ticked up in March across Greater Metro Denver. The average price for single family properties increased 6.0% when compared to last year and were up 4.5% when viewed month-over-month. And, the average sales price for a condo was up 1.8% when compared to last month.
Demand - Pending Sales
Demand, a snapshot of the new pending sales, increased by 28.0% when compared to last month. This data point is nearly identical to what we saw at this time in 2020.
New Listings
March saw 4,707 new properties enter the market. This data point saw an increase of 16.2% when viewed month-over-month.
Supply - Active Listings
The active listing inventory dropped by 15 homes compared to February 2024 - a 0.3% decrease. This was an increase of 0.3% when compared to last year.
Percent of Closed Price to List Price
This data point increased by 0.5% compared to last month and was equal to March 2023.
Average Days in MLS
March saw the number of days on the market at 38 days, on average. Last year at this time we saw 37 days, on average. Last month saw 46 days.
Average Showings to Pending
March saw the number of showings until pending at 16, on average. Last year at this time we saw 16.8, on average. Last month saw 16.7
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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.
- © 2020 Land Title Guarantee Company. All rights reserved.
Mortgage Data Source: Freddie Mac
Posted by Neil Walton on
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