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As the spring selling season unfolds, we find the Denver Metro real estate market bustling with activity, underscored by a strategic mix of anticipation and action among buyers and sellers alike. This month’s market dynamics offer a blend of challenges and opportunities, reflecting a vibrant yet evolving landscape.
March’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – included:
- The average price for homes increased to $703,330, up 4.08% from February 2024 and a significant 5.55% increase from March 2023. This trend indicates a continued ascent in home values, a factor for both buyers and sellers to consider in their strategy.
- The average days in the MLS decreased to 40 days, down 13.04% from the prior month, yet showing an 8.11% increase from the same time last year. The reduction in days on market from February to March illustrates an acceleration in the pace at which homes are being sold, signaling strong buyer engagement.
- Active listings at month’s end saw a rise to 5,849, a 6.13% increase from February 2024 and a notable 29.52% jump year-over-year, highlighting a growing inventory that offers more options to prospective buyers.
As the market heats up, we’re seeing sellers adapt to higher interest rates, with many choosing to downsize or leverage their home equity for their next purchase. This shift is bringing much-needed inventory to the market, much to the delight of eager buyers.
Looking Ahead:
The Denver real estate market is poised for an interesting spring season. Sellers are becoming more strategic, and buyers, encouraged by an increase in inventory, are actively participating in the market. The trends suggest a balanced dynamic, with opportunities for both buyers and sellers to achieve their goals.
For those considering entering the market or seeking to navigate these changes, now is the time to strategize and plan. Whether you’re looking to sell at a peak price or find a home among the increasing listings, understanding the current trends is key.
Need Assistance?
If you have any questions about the current market or are ready to discuss your real estate goals, don’t hesitate to reach out. My expertise and dedication can help guide you through the dynamic Denver real estate landscape.
This update is based on information provided by the Denver Metro Association of Realtors® for the period of March 1, 2024, through March 31, 2024, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.
