Spring Buying & Selling Season Underway...
March 2023 Recap
The spring home buying and selling season in the Denver Metro area has begun, with an increase in fresh listings of homes for sale and closings, according to REcolorado data. Homes are spending 16 fewer days on the market compared to last month. Buyer demand has increased in the first quarter of 2023, leading to a 5% increase in median closed prices for Denver Metro homes since January.
Pricing homes competitively is crucial in the current market, as 33% of all listings that closed in March had a price decrease. These homes closed at 90.5% of the asking price, while the original list to close price for all closed homes was 99.4% in March.
Rental market activity has also seen an increase, with 75% more new rental listings available in REcolorado MLS in March compared to last year. There was a 68% year-over-year increase in the number of leased properties, with the median leased price being 2% higher than last year.
Home closings in March increased for the second consecutive month, although they are lower than any March since 2014. The median closed price of a home in the Denver Metro area was 6% lower this March compared to last March, but prices have seen an uptick for the second consecutive month. Homes are sitting on the market for a median of one week longer than last year, but buyers are executing contracts quicker than in previous months.
The most active price range for home buyer and seller activity in March was the $500-600,000 range, with 800 homes closing and 998 new home listings brought to the market. However, overall gross sales volume in March was 21% lower than last year due to a decrease in sales. The active listing count at the end of March was 166% higher than March 2022.
March 2023 Real Estate Report
March 2023 Market Watch Full Report
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