March 2023: Denver Real Estate Market Update

Are we seeing signs of a spring market? The Denver metro real estate market saw 3,226 new listings - 482 more new homes on the market than we saw last month (an increase of 17.6%). While still below last year at this time, demand in February was up 13.6% when compared to last month with 3,539 pending sales.

Active listings decreased month-over-month for February but jumped 68.1% when compared to last year at this time. Prices increased slightly month-over-month - the median closed price of a single-family home was $600,000, a 1.7% increase when compared to last month.

Anecdotally, we hear that due to very low inventory overall, buyers are back to needing to make quicker decisions and may compete with multiple offers. While above 2022 and 2021 inventory levels, the monthly supply of listings is low at 0.90 months. In fact, the monthly supply of inventory for February saw a 125.0% increase when compared to last year at this time.

Supply - Active Listings

Active listings were up 68.1% when compared to last year but down 19.3% when compared to last month. This number is just above where we started 2021.

New Listings

3,226 new listings came on the market in February. This metric was up 17.6% compared to last month. This is a welcome sign for eager buyers.

Demand - Pending Sales

Demand was down 9.8% year-over-year but up 13.6% when compared to last month. Last month saw 3,115 pending listings.

Percent of Closed Price to List Price

February saw 98.9% - an increase of 0.7% compared to last month, but still below prior years.

Average Days in MLS

Days on market saw an increase to 47 days, on average. This was an increase of 4.4% when compared to last month (which saw 45 days on average), and up 235.7% year-over-year (which saw 14 days on average). This metric is likely impacted by the lack of inventory overall.

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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.

Mortgage Data Source: Freddie Mac

Posted by Neil Walton on March 2nd, 2023