Just like the spring foliage, the Denver real estate market is in full bloom! After the winter lull, “For Sale” signs are popping up everywhere with Residential Active Inventory at a new record increase of 26.9% over the prior month.
With the shift from winter to spring, the average number of days on the market continues to drop for residential. Though most price points are benefiting from less time on the market, the Signature Market (homes priced between $750,000-$1,000,000) is struggling to sell quickly, experiencing an increase of 15 days since last month and taking 18 days longer to close from the same period last year. However, the number of homes sold in this price range has nearly doubled from last month, with condos seeing an impressive increase of 138.46%.
Median sold prices are slowly but steadily rising across the board, with single family and condos approaching a 3% increase from the month prior and a 7.92% and 10.66% gain respectively from the same period last year.
New listings are climbing (up nearly 50% from February), and industry experts predict interest rates will follow throughout the year.
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Note: All data has been sourced from the March Denver Metro Real Estate Market Trends Report compiled by the Denver Metro Association of Realtors and includes 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park.