With Spring comes an influx of homes on the market – new listings were up 44% in March, month-end available inventory was up 81%
Still a strong seller’s market, most homes went under contract after the first weekend and closed on average $43k over list price
Average sales price in Denver Metro surged above $700k for the month, driven in part by a 69% increase in homes sold over $750k
inside the numbers
average sale price for a home purchased during the month
half of the homes sold were purchased for this amount or less
average amount over list price for homes closed during the month
Average sales price continues to push historically high levels, as does close-to-list price ratio (106.46%)
days on market
average number of days for a home to go under contract during the month
half of the homes listed were under contract in this number of days or less
Homes went under contract 3 days faster on average than previous months, while most new homes still go under contract the first weekend
An influx of new listings in March provided some relief for buyers starved for inventory, and month-end available listings is up 81%
⇑ how to read the “inventory movement” chart
The chart above is called a “walk”:
- The first box on the left is the inventory we had at the end of the previous month (and thus start of this month)
- The second box adds the new listings which became active during the month.
- These first two boxes give us our total home inventory for the month
- The third box is the number of properties that went under contract, which reduces from our available
- The fourth box shows homes that were removed from the market without going under contract, which reduces the number
- Finally we are left with the total inventory at the end of the month
Homes sold were up across all segments, reflecting the inventory bump typical for the Denver Metro market post-Super Bowl
⇑ how to read the “homes sold” chart
The chart above is a bar chart showing the number of homes sold in the month by price bucket. Blue is the number of detached, single family homes; while pink is the number of attached, multi-family homes. Charts like this are helpful as they easily show where we see the most activity.
The Denver Metro Area encompasses 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park.
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