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March Madness basketball was, in fact complete madness this year. On the real estate front? Not nearly as crazy as basketball, but things have started to heat up. We saw increases in both new listings of homes for sale and closings. Average sold prices, while down from a year ago is on the rise month over month. The number of homes pending sale increased for the third consecutive month with buyers signing 22% more contracts in March than February.
Bullet points with March stats:
~ The median sold price for single family homes (including attached and detached) in March is $565,000 which shows a slight .44% increase from last month (Feb) and a 6% decrease from March 2022.
~ The average number of days on MLS in March 2023 was 37 days, which shows a 22.92% decrease from last month (Feb) and a 208% increase from last year in March.
~ Active listings at month end are 4516. This shows a 19.53% increase from last month (Feb) and a 103% increase from last year in March.
~ Average active listings in March are 13,609 (from 1985-2022). The record high March was in 2006 with 27,309 and the record low was in 2021 with 1921. March 2023 shows active listings at month end of 4516.
Hoping to see the historical increase in inventory as we head into late Spring and Summer.
Please reach out with any questions. I am happy to help.
If you have any questions or would like to discuss selling or purchasing a property, contact me today at 303-949-9683 or Amy@MountainTimeRealEstate.com .
#RealEstate #MarketStats #DenverMetro #MountainTimeRealEstate
