Denver March 2024 Real Estate Market Updates
Stay informed and make sound investment decisions with our comprehensive analysis of the latest March 2024 real estate market updates in Denver, Colorado.


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Colorado Springs Real Estate Market Updates- March 2024

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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

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Authors
Chris Lopez
Chris Lopez is a Denver area real estate entrepreneur and investor, as well as the host of Bigger Pockets’ House Hackerz and the Denver Real Estate Investing Podcast.
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