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 $703,330 IN MARCH ROSE 4.1% FROM LAST MONTH AND ROSE 5.6% FROM LAST YEAR.
Quick Stats:
- Average active listings for March are 13,376 (1985-2023).
- 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 11%. An increase of 6.1% this March represents a slightly slower increase relative to historical observations.
As expected heading into our typical selling season, March gave us an increase in both supply and demand. However, the ratio of supply and demand still remains imbalanced at 1.7 months of housing supply. This resulted in a month-over-month appreciation of 4% which gives us a year-over-year appreciation of 5.5%. These are all pretty typical numbers for this time of year. This is unsurprising, as mortgage rates were less volatile and hovered around 7% for the month of March.
The biggest real estate news in March was the announcement of the proposed settlement from the National Association of Realtors. I've had countless conversations with colleagues and clients regarding its potential impact. We are monitoring the likely effects of this settlement closely, and will continue to keep you informed. Here's a brief bullet point list of what we know now:
- The settlement is not final. It is proposed and could become final in July of this year.
- The settlement would not prohibit sellers and listing agents from paying buyer's agent fees. Rather, it would prohibit these offers of compensation from being listed in the MLS from listing agents that are members of the National Association of Realtors.
- Our local MLS is working on an alternative solution for offers of compensation to continue to be made in a way that would be compliant, should the settlement become final.
While there will certainly be changes to how we transact real estate in Colorado, at this point there will not be "seismic" changes as some media outlets have claimed. I personally am excited about the greater level of transparency around commissions that will hopefully come as a result of these recent events. It will force our industry to grow in areas that it should, and I believe this is a good thing.
If you have any further questions about the latest market data or the NAR proposed settlement, please don't hesitate to reach out!
