Denver average home sale price tops $779,981 in March for single-family homes, marking a 3.69% increase from the previous month and a 4.75% rise compared to the same period last year.

The number of active listings at the end of the month saw a slight increase to 5,849, marking a 6.13% rise from the prior month. Contrasting with the previous year’s figure of 4,516 active listings, this represented a significant surge of 29.52%. As inventory gradually increases, buyers have more options to choose from. Notably, the active listings at month’s end of 5,849 were 1.26% above the year-to-date number of a pre-pandemic March 2020.

Pending sales surged by 31.94% from the prior month to reach 4,317 properties, reflecting a 7.47% gain compared to last year’s total of 4,017. That being said, closed transactions are considered lagging indicators, indicating that the majority of closed transactions in March were probably initiated in February. Given the rise in pending transactions, I expect to see a jump in closings reported next month.

Closed sales experienced a slight uptick of 13.40% to 3,512, yet declined by 13.37% compared to the 4,054 closed sales recorded in March of the previous year.

Denver average home sale price for single-family homes rose to $779,981, marking a 3.69% increase from the previous month and a 4.75% rise compared to the previous year at $744,590.

The average price for condos edged up to $476,144, reflecting a 1.54% increase from the previous month but saw a marginal decrease of 0.27% compared to last year’s figure of $477,413.

Total sales volume increase to $2.47 billion, making a 18.02% increase from the previous month.

The key takeaway from this month’s market update is that “Denver average home sale price is up 4.08% from the previous month and up 5.55% year-over-year for both single-family homes and condos.