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Colorado Springs Real Estate Market Updates- March 2024
Denver Market Stats and Observations for March 2024
PRICE
- Median up 5.0% to $595K
- Average +5.5% to $700K
- This is about in the range we were expecting for appreciation this year. I’m not sure it’ll stay this high.
- A possible sound bite for sellers: Pre-COVID March ’20, our average price was $494K.
# SOLD
- Down 13%
- The upward drift in mortgage rates 30-60 days ago didn’t help us here.
PENDING / UC
- Up 7.5% from last year
- We’re likely to have some sales unit growth in April, which could reverse the negative news this month.
NEW LISTINGS
- Down 3% from last year
ACTIVE LISTINGS (at month end)
- +24.5% from last March
- That’s just a wonderful stat to see.
- It seems clients are listening to the Fed and their expectations to reduce rates this year.
- Perhaps – perhaps – the power of the “golden handcuffs” is loosening a bit.
- The average number of listings (1985-2023) In March: 13,400. Now: 5,850.
- Pre-COVID March ’20: 5,775. The soundbite for buyers: the inventory has recovered to pre-COVID levels. Buy now.
MOI: Months of Inventory
- 1.7 months
- Down a bit from last year
- Overall, still a strong seller’s market
- This is why with slow buyer demand (due to high rates), we are not seeing prices fall.
- I still don’t see any material price drops this year as being likely
DOM: Days on Market
- Average: +3 days (from 37 to 40 days)
- Median: +1 day (from 10 to 11 days)
- With the increase in inventory on market, it’s no surprise it’s taking a little longer to get UC
Denver Housing Trends for March 2024
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