Denver Metro Market Recap March 2022

by | Apr 5, 2022 | Market Update

Highlights

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

sales price 

$705,812

average sale price for a home purchased during the month

$602,750

half of the homes sold were purchased for this amount or less

$42,829

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

11

average number of days for a home to go under contract during the month

4

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

inventory movement

Click chart to enlarge; scroll down to see how to read the chart

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

Click chart to enlarge; scroll down to see how to read the chart

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.

Data source: DMAR Real Estate Market Trends Report

The Denver Metro Area encompasses 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park.