Single Family Average $663,749 (Up 19% YoY)
Condo/Townhome Average $415,612 (Up 10% YOY)
First to Know | Greater Metro Denver Stats
Let’s be honest – it is easy to have a scarcity mindset when we look at the active listing for the first part of 2021. March inventory is down 71% year-over-year and this is a harsh number to come to terms with as we ramp-up to the busiest part of our real estate season. But here’s the important number: 5,513 new listings hit the market in March. Yes, that’s down year-over-year, but the good news is there are new listings coming onto the market.
So, why are we not seeing a month-over-month increase in active listings if we’re seeing a month-over-month increase in new listings coming onto the market? Demand. Pending sales are up 32% year-over-year and days in the MLS are at an average of 18 days. This means that while we have new listings hitting the market, they are going under contract at lightning speed.
Supply – Active Listings
Active listings took another dip in March with only 1,654 listings, down 71% year-over-year. As we mentioned earlier, demand is playing a huge role in why we’re seeing these active inventory numbers decrease month-over-month.
1,654 Active Listings (Down 71% YOY)
New listings took a big jump in March with 5,513 new listings coming onto the market. Although this is still down 11% year-over-year, it’s encouraging to see the Spring market start to pick-up!
5,513 New Listings (Down 11% YOY)
Demand – Pending Sales
5,593 Pending Sales (Up to 32% YOY)
Pending sales saw a three-year high in March – up 32% year-over-year with 5,593 homes under contract. We should continue to see pending sales increase through the summer as we hit the busiest months of the real estate season.
Percent of Closed to List Price
No surprise here that percent closed to list price had a month-over-month increase. It is not typical to see average over asking price this early in the year, but strong buyer demand has pushed us over the 100% marker earlier and continues to push the limit.
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. Written by J. Renshaw © 2020 Land Title Guarantee Company. All rights reserved.