Colorado’s spring housing season started quickly in March as the single-family listings statewide increased by nearly 18%.
The Colorado Association of Realtors’ latest housing trends report shows that statewide median sales prices and pending/under-contract listings climbed while the average number of days on the market dropped from 63 to 56.
“We have entered the spring buying and selling frenzy. Well-priced homes in good condition are being quickly purchased, usually with multiple offers. We still have an inventory shortage,” said Sunny Banka, an Aurora-area realtor.
The median price for single-family homes hit $576,945, up 3.7% from February and 4.1% from last year.
In March, the seven-county Denver metro area reported 4,411 new listings for single-family homes, an increase of more than 16% compared to February but a decline of 3.8% compared to last year.
The pending/under-contract listings for single-family homes in the Denver area rose by 35.5%, while the number of days on the market dropped from 52 to 44.
“The monthly supply of homes for sale within Denver has climbed more than 15% since the beginning of the year to 2.2 months, but it doesn’t seem the market has shifted in favor of buyers quite yet,” said Denver-area realtor Cooper Thayer.
The average percentage of the list price received by sellers increased last month to almost 100%, the highest level seen since last summer.
Sellers still have strong bargaining power in transactions, while buyers remain financially stable despite high prices and interest rates.
As a result, buyers continue to spend more on homes.
“Buyers seem to have acclimated to the new norm in terms of interest rates, and sellers are recognizing that their home prices have not appreciated in the last year and they need to be aggressive in order to sell. All in all, a good time to be a buyer in this spring market,” said Kelly Moye, a Boulder/Broomfield-area realtor.
Banka recommends buyers not wait for interest rates to drop.
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“With the low inventory, home prices continue to rise, perhaps not as much as we saw two years ago, but enough that being a homeowner is still proving to be a sound investment,” she said.
Despite the national real estate market waiting for a change in federal interest rate policy, Denver’s market remains strong, which is a testament to Denver’s continuing desirability.
“Despite recent years introducing higher property taxes, higher mortgage rates, higher home prices, and higher maintenance costs, Denver’s compelling attractiveness and high quality of life wards off struggles in the broader real estate market,” Thayer said.
The news and editorial staffs of The Denver Post had no role in this post’s preparation.