Denver Real Estate Stats for March!
March roared in like a lion with lots of new records!
Price: New record at $674,990, up 6.72 percent from last month and up 19.3 percent from last year!
Inventory: March Month of Inventory (MOI) dropped to 0.39 months. Given our current inventory and current rate of sales, it would take 0.39 months or less than 12 days to deplete that inventory.
Listings: New record low of 1,921 available listings for sale. 5.09 percent below February ’21 and 66.74 percent below March ’20.
Closings: Pending home sales were 5,799 in March, up 24.8 percent from February ’20 and 28.1 percent from March ’21.
Even though we’re on track for the same number of closings as past years, new listings cannot keep pace with the unprecedented demand from new Colorado residents, millennials, and out of state investors.
What does this mean for buyers?
This market is not for the faint of heart. Work with your realtor to develop a plan. Prepare for escalation clauses, appraisal gaps, and multiple offers. Set your expectations accordingly.
What does this mean for sellers?
If you are at all thinking of selling, now is the time to take advantage of the opportunity to capitalize on appreciation, and sell on your terms.
If there’s anything CJV Real Estate can do to help you achieve your goals, schedule a consultation today!