April Market Report - Metro Denver
Last Month's Key Statistics
for Denver's Real estate Market
Attached & Detached Single Family Homes
THE AVERAGE SALES PRICE OF $665,390 IN MARCH ROSE 1.4% FROM LAST MONTH AND DECLINED 5.2% FROM LAST YEAR.
Quick Stats:
- Average active listings for March are 13,609 (1985-2022).
- Record-high March was 2006 with 27,309 listings and the record-low was set in 2021 with 1,921 listings.
- The historical average increase in active listings from February to March is 7.6 percent. This year’s increase of 19.5 percent represents the third largest percent change month-over-month.
We are already midway through Denver's selling season! So how does the real estate market look?
Last month, we appreciated another 1.4% - that’s on top of the 4% we appreciated in February! Why is this happening? One, we are recovering our gains that we lost at the end of last year. Two, this is a classic reflection of our cyclical market. Most appreciation happens between February and June each year. While supply is up, demand remains stronger. As a result, we currently have 1.2 months of supply and there is not enough supply to meet demand.
Also, buyers have accepted the fact that interest rates are higher than last year. In good news, some of our buyers have been able to get rates as low as the low 6’s. As we undergo the heart of our selling season, we anticipate this momentum to keep up until mid-summer.
As always, if you have any questions for your specific needs in your specific real estate market, please don’t hesitate to reach out!
