Market gains momentum heading into the spring months, bidding wars are back.
March 2023 brought in some surprising numbers even in light of interest rate volatility and rates being 2.5% higher than one year ago. Demand grew and listing inventory was driven down with new listings being absorbed into the pending status quickly. The first two weeks of March brought about the highest and best odds of selling while spring break took hold cooling the market ever so slightly.
Month end active inventory for the 7 Metro Counties for detached single family sat at 2,709 units for sale while attached single family was 1,202. New listings jumped from February to March in detached single family to 3,382 up 49% MOM and attached single family also up 49% to 1,484 units. Pending transactions increased MOM for detached markets by 11.8% and up to 1,269 pending in attached up by 21.6%. Closed transactions increased 36.1% MOM in detached to 2,588 units and up 38.9% in attached units for sale.
Average sold prices, while down from one year ago is on the rise month over month. Detached single family average sold prices rose MOM by 2.0% to $738,710 while attached single family rose 1.1% to $471,334. Days on market, I prefer to talk about the median value vs. the average value sat at 10 median DOM in Metro Denver, and 45.4% of detached and 43.8% of attached units were under contract in 7 days or less.
Not all areas are created equally, and there are hot spots and cool spots. This map shows months of inventory by zip code across Metro Denver for the month of March. The overall average was 1.06 months of inventory and anything that turns red or orange is under 1.0 months of inventory signaling that multiple offers are more likely. Conversely areas in green or blue will have more inventory giving buyers more negotiating power. Areas that are hot continue to be inner-land locked suburbs around the inside ring of C-470 while areas in outlying communities and central Denver continue to be cooler than the average.
