New home listings increased from February to March and properties went under contract at a higher rate but increases in HOA dues and insurance rates priced out some first-time buyers looking to purchase a condo in the Denver real estate market.

The latest Denver Metro Association of Realtors (DMAR) Market Trends Report showed 4,932 new listings in March, which was a 16 percent increase from February but a decrease of just over 3 percent year-over-year.

Spring home inventory is starting to build in Denver according to DMAR, which said active listings at the end of March rose 6 percent from February and increased by 30 percent from this time last year.

Pending March home sales in Denver were 4,317 representing a 7 percent increase year-over-year. The median days a home stayed on the MLS dropped from 23 days in February to 11 days in March, said DMAR, which was similar to March 2023.

According to the report, both the increase in median closed price and days in MLS showcase that buyers are out there and eager for the new inventory as they placed properties under contract twice as quickly as they did in February,” according to the report.

The median close price of a home in Denver rose by around $30,000 year-over year, which is nearly a 5 percent increase.

Digging deeper, In March 2024 the median home price rose to $595,000 from $567,250 in March 2023.

Industry insiders agree homes priced in that $500,000 to $750,000 price point is the sweet spot of the market right now where they are seeing the most activity in terms of listings and close sales. The most active market segment of the market for condos is that sub $500K marketplace.

If you are looking for a property this spring – condo or single-family home – there are opportunities available. Give Metrowest a shout today and let’s see what’s out there!