According to the latest Market Trends Housing Report from the Colorado Association of REALTORS® (CAR), the early spring housing market kicked in during March with solid double-digit increases in new listings across the seven-county Denver metro area and state with a highly active buyer market. The combination of factors drove up the volume of pending/under contract listings, drove down the average days on market as well as the inventory of active listings, and drove up median pricing.

The month of March delivered 4,411 new single-family listings in the seven-county Denver metro area, more than 16% jump from February, but down 3.8% from a year ago. Townhome/condo new listings shared a similar 15% increase from a month prior but is down 2.9% year over year. Statewide, the 7,506 new single-family listings signaled a 17.7% increase from March but are down 3% from a year ago. The 2,424 new townhome/condo listings in March represented a 12.6% month over month increase but a 1.4% dip from a year ago.

Pending/under contract listings rose 35.5% for single-family homes in the seven-county Denver area while townhome/condos rose more than 29% from February to March, respectively. Statewide, single-family rose 31.6% with townhome/condos up more than 25% month over month. As a result, the inventory of active listings in the Denver area fell 6% for single-family and remained flat for townhome/condos from February to March. Statewide, single-family active listings fell 4.6% with townhome/condos up 1.5%, month over month.

The active buyer market also contributed to drops in the average days on market for single-family homes, falling from 52 to 44 days in the Denver market and falling from 63 to 56 days statewide. It also helped push the median pricing for single-family homes in the Denver area up 4.1% month over month and year over year to $624,723. Statewide, the median price for single-family homes rose 3.7% month over month and is up 4.1% year over year at $576,945. The townhome/condo market saw median pricing rise 1.2% from February to March and year over year to $420,000 while statewide, the median price stayed from month over month but is up 3.7% from a year ago at $425,000.

If you’re thinking of becoming a homeowner this spring or summer, the time to start planning and looking is now. Reach out to one of the experienced professionals at Metrowest today and let’s see what’s out there!