March 2024 Denver Real Estate Update
Buyers in the Denver Real Estate market are out in force this Spring season. So begins the climb in prices that typically peaks in the middle of summer before bottoming in the winter. With the golden handcuffs of the mortgage rate lockdown, new listings are slowly coming to the market. It’s a story of supply vs. demand and we are increasingly seeing bidding wars for desirable properties that are priced competitively.
Active Listings
Inventory is slowly building. Active listings increased by 29.5% year-over-year.
Average Days on Market
Buyers were eager to get under contract and homes were on the market for half the time as they were last month. Days on market increased slightly from last year at this time to 40 days on average.
Average Closed Price
Prices continue their steady climb. The average closed price for a single family detached home increased 6% from March 2023 to $703,330.
Percent of Closed Price to List Price
It is still a seller’s market. On average, homes closed for 99.8% of list price.
Are you in the market for a home in Denver? First-time home buyer? Wanting to downsize? Need more space for your growing family? Is it time to sell your Denver real estate investment? Whatever your real estate goals, a CJV Real Estate expert can help you in the Denver Real Estate market.