March 2020 Metro Denver Market Update
Market Stays Strong Despite Snowy Weather
Despite a snowy February, buyers and sellers kept the real estate market active. Compared to January, more homes came on the market, and more also went into pending and closed status.
February’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – include:
· The average price for homes sold during the month increased 2.2 percent from the previous month and 5 percent from a year ago;
· Active listings dropped 2 percent compared to the previous month and were down nearly 20 percent from this time last year; and
· The average days on market was down 15 percent from the prior month and unchanged from a year ago.
The decline in days on market, along with the lower inventory, mean competition for homes is heating up and multiple offers are on the rise. Sellers have the clear advantage in all price segments except homes priced above $1 million, where buyers have a bit more room to negotiate. While the recent volatility in the stock market may have some buyers waiting for warmer weather, prices are still on the rise and those who get into the market now can take advantage of record-low mortgage rates and avoid paying more for the same house in a few months.
If you need any advice or assistance navigating our real estate market, contact me today at 303.710.5817 or email@example.com. I am never too busy for your referrals.
This update is based on information provided by the Denver Metro Association of Realtors® for the period of February 1, 2020, through February 29, 2020, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.