March 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 $676,575 IN FEBRUARY ROSE 3.3% FROM LAST MONTH AND ROSE 3.0% FROM LAST YEAR.
Quick Stats:
- Average active listings for February are 12,671 (1985-2023).
- Record-high February was 2006 with 25,484 listings and the record-low was set in 2022 with 1,226 listings.
- The historical average decrease in active listings from January to February is 0.3% percent. An increase of 13.1 percent this February represents the second largest percentage increase on record (After 2001's 23 percent increase).
Hi Everyone!
Interest rates continue to be the talk of the town and buyers and sellers alike are keeping a close eye on the continued rate volatility. We saw an increase in demand when rates reached the mid-sixes back in December, but rates have been on the rise as we enter the official start of our selling season. This seems to be slowing the market's typical acceleration pattern.
Sellers, be sure you have a really good plan. Buyers are way more particular as they feel they are paying high prices coupled with high interest rates. Prepare your listings well and have realistic expectations on inspections.
Buyers, be aware that prices last month rose three percent and are likely to rise until we get to summer. When interest rates begin another downward trend, don't be surprised to see a hike in price appreciation. Have a good plan and stick to your budget. You'll likely be able to refinance and get those monthly payments down within the next couple of years.
As always, don't hesitate to reach out for more detailed information for your specific needs.
Best,
