According to a recent update from the Denver Metro Association of Realtors, an unprecedented number of metro Denver home sellers pulled their listing off the market last month, while thousands went the other way, rushing to sell theirs.

While the first half of March looked very promising, the second half showed sellers pull 761 listings last month, with 625 of those withdrawals coming in just the past two weeks.

According to the DMAR update, even in the uncertainty, many new listings - 6,663 - came onto the market. That’s a 30.2% surge from February’s number of new listings. Buyers closed on 4,296 homes and condos, a 12% increase from February, but down 5.12% from March 2019.

Additionally, enough was left to push the inventory of homes available for sale to 5,776, a 19.5% increase from the prior month. That is almost four times the typical inventory increase measured between February and March and the second-biggest jump on record for March.

One explanation for the surge is that some owners may fear price declines are around the corner as the economy sours. Some forecasts are calling for the GDP to drop by 30% or more in the second quarter, and Redfin listed Denver among the 10 metros at highest risk during a coronavirus recession.

The median price of a single-family home sold in March in metro Denver was $487,950, up 4.2% from February and 8.4% from March 2019. The median price of a condo sold was $330,000, a 4.8% increase from February and a 10% gain from a year ago.   

Though times are uncertain, better days are on the horizon. If you think becoming a homeowner is in your near future, give Metrowest a shout – we would love to help you start the process.