So How’s The Market? March 2024
- Home buyers continued to enter the Denver metro housing market. In March, 4,343 new contracts for home purchase across the Denver metro area. That’s 8% more than last year and 33% more than last month. Homes pending purchase is a leading indicator of future home sales.
- In March, homes spent a median of 12 days actively available for sale, according to REcolorado data. Buyers sped up their decision making, executing contracts on homes nearly two weeks faster than last month.
- Home closings increased for the third consecutive month. In March, 3570 homes closed. The closing price of those homes was 5% higher than last year and more than 3% higher than last month, thanks in part to strong demand for homes priced above $1 million.
- Sellers brought 5020 fresh listings to the market, just slightly more than last March, and 18% more than last month. Year to date, 11% more new listings have been brought to the market compared to this point in 2023, which has helped inventory levels. At the end of the month, there was 47% more active listings available than we saw this time last year.
