According to last week’s update from the Denver Metro Association of Realtors (DMAR), metro Denver’s spring home-selling season started off more like a lion than a lamb as increased listings combined with lower home prices to motivate buyers to step forward.

The number of active listings for both homes and condos at the end of March was up 19.5% from February and double last year’s depressed levels. The inventory increase between February and March has averaged 7.5% in recordings going back to 1985, so the increase was significant.

Closings were up by nearly a third to 3,790 in March from February, but for the year they remain down by about 21%. New listings were up 47.5% from February and remain down by about 15% from March 2022.

Prices are down noticeably from a year ago, which has helped affordability and offset some of the impacts of higher mortgage rates. The median price of a single-family home sold in March was $620,000, a 6.1% decrease from a year earlier and a 3.3% gain from February. The median price of a condo or townhome sold was $405,750, which is down 4.4% from a year earlier and up 0.2% from February.

Listings spent a median of 10 days on the market in March, down sharply from the median of 25 days in February. The median represents the midpoint, meaning half of the new listings were claimed within 10 days, while half took longer.

If you’re thinking of becoming a homeowner this spring or summer season, the time to start preparing is now. Unsure where to start? Contact one of the experienced pros at Metrowest today – we’d be happy to discuss your options and next steps!