The April market trends report from the Denver Metro Association of Realtors (DMAR), released earlier this month echoes a trend that's developed over the early months of 2022. The new average price for a detached home in the Denver area jumped by nearly $60,000 over the course of a single month, currently residing just south of $800,000.

This increase occurred despite a significant increase in the number of new listings — and the percentage by which the typical offer exceeded list price rose, too.

The DMAR figures reveal that 4,332 detached homes hit the market in March, the most recent month for which statistics are available. That's a 48.87 percent bump from February and a 7.15 percent hike over this time in 2021. Similarly, closed sales went from 2,354 in February to 3,088 in March, a 28.40 percent month-over-month change, albeit a 6.99 percent dip from March of last year. But these figures are low when viewed historically.

In addition to the average home price, the median price for a detached home increased, too, but not by as much: $660,000 in March, compared to $635,200 in February.

Detached homes weren't available for long — four days on average, a span unchanged from the previous month. Meanwhile, the median length of time before a sale in March was eleven days, down from fourteen in February and sixteen a year earlier. And the average closing price last month was 106.73 percent of list; in February, it was 105.11 percent.

Andrew Abrams, chair of the DMAR market trends committee, noted that a larger stock of houses for sale has made the buying experience somewhat less stressful than implied by the latest data.

If you’re ready to check out the housing market in the Denver metro area, now is the time. Contact Metrowest today – we’d love to show you around!