Denver average home prices reaches $743,175 for detached homes in March 2023, up 2.01% from the month prior but down year-over-year at 5.24%. However, as buyer demand has increased in the first quarter of 2023, so had the median closed price for Denver Metro Homes. Median closed prices are up 5% since January.
Active listings for both detached and attached homes stood at 4,516, up 19.53% from the prior month and up 103.33% from a year ago. New listings were down 15.61% to 5,093 year-over-year, which is 942 fewer properties, lowing the number of available options for buyers to view and place offers. It is interesting to note that new listings for both attached and detached homes rose 47% from February, indicating that more inventory is becoming available.
The number of pending homes has decreased compared to the previous year, but in March of this year, there was a notable increase in pending homes compared to the previous month. This increase was 22.32%, which is 3.21% higher than the increase observed during the same period last year.
The number of closings throughout the Denver Metro area increased for the second consecutive month to 3,911 as home buying season kicked into gear. MLS data shows sellers are getting 99.4% of asking price due to strong demand. Sellers are advised to continue to price their properties thoughtfully to elicit strong offers as properties are still fallen out of contract due to inspection items or issues arising from buyer financing.
While homes are sitting on the market slightly longer than they were last year, buyers are executing contracts much more quickly than they were earlier in the year. Homes are sitting on the market a median of one week longer than they did last March and in March of 2021. However, buyers are executing contracts on homes 16 days quicker than they did in February and more than 3 weeks quicker than they did in January. The median days in the MLS for March stood at 10 days.
Denver average home prices for condos in Denver was $475,655. This figure represents a 0.56% decrease compared to February’s average price and a 4.16% decrease compared to the average price from the same period last year.
Overall, the Denver housing market seems to be in a state of flux, with supply and demand fluctuating in response to various factors. It will be interesting to see how these trends develop over the coming months.