According to the latest research from the Colorado Association of Realtors (CAR) and the National Association of Realtors, approximately 60% of Colorado homes sold during the month of March received more than the original asking price as the buying market continues to heat up statewide.

Throughout the state, demand remains so strong that despite a slight bump in new seasonal listings, buyers are viewing list price as the starting point for a bidding war that often includes waiving contingencies centered around appraisals and inspections and making sight unseen, cash offers well above the seller’s asking price.

The market trends, which began in the typically slow winter months, have now reached a fourth straight month of unprecedented buyer behavior as we enter the early spring housing season and watch records continue to shatter.

In some local markets, increases in median sales prices typically seen over the course of a decade have been matched in just the past year. In the seven-county Denver-metro area, the inventory of active listings is down 78% from a year ago while the median price of a single-family home has risen 11% since the beginning of the year and 15.6% since last March to a record $540,000. Statewide, active listings are down more than 70% year-over-year, while single-family median pricing rose nearly 9% since January and is up 14.4% from March 2020 to a record $485,000, all new record lows and highs, respectively.

Also breaking records in the Denver-metro area and statewide is the overall inventory supply which, at just a few weeks, is well shy of the six-month supply considered to be a balanced market and a volume that Colorado has not seen since 2012.

If you’re looking to become a homeowner in 2021, you might be overwhelmed with housing climate right about now. But it’s very much achievable if you have the right team behind you. Give Metrowest a shout today and let’s discuss your options!