Normally we see a rise in inventory from February to March, but not so much this year. That’s according to latest monthly report from the Denver Metro Association of Realtors (DMAR), who noted that buyer demand continues to outstrip supply.

It’s nothing new for buyers and their agents, as low interest rates and a sharp rebound in homebuying activity over the past year have put more and more pressure on the metro's housing inventory, resulting in record-low numbers of available homes in the 11-county Denver metro.

According to the latest numbers from DMAR:

·       Active residential listings (both attached homes, such as condos, and detached, single-family homes) totaled 1,921 at the end of March, down 5.09% from February and 66.74% from a year prior. The last time there wasn't an increase in active inventory from the end of February to the end of March was in 2014.

·       The median closing price in March reached $500,000, up 12.36% from a year ago. The median closing price for a detached, single-family home was $560,000, a year-over-year increase of 15.46%.

·       The number of new residential listings in March (5,772) almost exactly matched the number of pending sales at the end of the month (5,799). A total of 4,889 homes traded hands during the month.

·       For the luxury market, which includes properties sold for $1 million or more, new listings are barely keeping up with demand. March saw 402 new detached listings in the luxury segment, compared to 314 in February. Pending sales reached 399, a 26.27% month-over-month increase.

The market in Denver doesn’t show many signs of cooling off, but it’s still possible to find the right home for your needs – especially with an experienced pro on your side. Give Metrowest a shout today – we’d love to explore your options!