As the market slowed down in the second half of 2022, many predicted a calmer spring selling season this year, but continued low inventory and a jump in buyer demand in March resulted in a stronger-than-expected start to the season.
March’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – included:
- The average price for homes was up 1% compared to the previous month, but down 5% from March 2022.
- The average days in the MLS were down 23% from the prior month, but up 208% from a year ago.
- Active listings at month end were up 20% from January and 103% from this time last year.
The number of homes for sale that have lowered their price has decreased from 58% in November 2022 to 37% in March. For sellers whose homes are in turnkey condition and priced right, the bidding war environment has returned. The good news for buyers is that, compared to a year ago, the average home price is down, and homes are staying on the market longer. This allows buyers options – be ready to compete for a newly listed, move-in-ready home or negotiate favorable terms for a home that has been sitting on the market.
If you need any advice or assistance navigating our real estate market, contact me today at 303.710.5817 firstname.lastname@example.org I am never too busy for your referrals.
This update is based on information provided by the Denver Metro Association of Realtors® for the period of March 1, 2023, through March 31, 2023, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.