March Madness 2024

And I’m not talking about basketball. It’s all about real estate madness in March. The median close price in the Denver Metro is just shy of $600,000 which is up 3.5% over last month.

Overall, there are 1.67 months of inventory, meaning buyers at all price points have just under 2 homes to choose from that check all their boxes. Inventory is still extremely low and there are multiple offers on the best, show-ready homes.

Days in the MLS are down to 11, so on average, sellers will have less than 2 weeks on the market.

Buyers, you need to get out and see your favorites as soon as they hit the market, and definitely in the first weekend.

Sales volume, active listings, new listings, and pending sales are ALL up. Pending sales are up 32% month over month, or nearly 1/3 more sales pending than last month. New listings are also up, but are dragging behind years past, as more homeowners are sticking put with their ‘golden handcuff’ interest rates.

Close prices are on the rise again after decreasing slightly since last summer. This is great for recent homeowners because your equity will start to show these close price gains!

I love looking at the overall market trends at different price points because it makes a big difference depending on your price point and if you’re looking at attached or detached homes. Attached homes (condos and townhomes) have closer to 2 months of inventory, so buyers have 2 homes to choose from. Detached homes are sitting at 1.5 months of inventory, so buyers have slightly less choice at 1.5 homes.

I am always here to talk about the market and answer any questions you have!