In February only 4 cities had days in market of < 10 days. In March, 9 cities had 8 days or less! In February Parker had 22 days in market; but in March this number plummeted to just 8 days. That’s a BIG change month over month. When median days in market is in single digits that’s a sign of a VERY HOT REAL ESTATE MARKET!
Buyers closed on 4,279 properties last month, a small increase of 1.7% over March of 2019!
New listings increased by a surprising 7.6% year over year with 6,212 new listings.
Detached homes saw an increase of 10.2% in new listings.
Buyers placed 4,570 homes under contract last month, down 9.3% from a year earlier. This is very impressive as according to Showing Time showings were down 60% year over year the last week of March.
We ended March with 5,714 active listings, an increase of 2.6% from last March. This SHOCKED the heck out of me as I figured this number would be at least 10% less than last year’s number.
Average days in market last month was 28, down 3 days from last March.
Median days in market last month was just 6 days, down from 10 days a year ago. In 2016-2018 we saw 5 days. So, last month was nearly as strong as March 2016, 2017, and 2018.
We ended March with 1.33 months of inventory.
My Insight-
I was a little surprised to see solds increase year over year in light of everything.
I was even more surprised to see new listings increase by over 7% from last March. New listings have only increased by more than 2% year over year twice in the last 10 months.
New listings outnumbered pendings or under contracts by 36% last month, this was the highest percentage I have seen in the last 39 months!
In 3 of the 4 previous months we saw pendings outnumber new listings.
Without the Covid-19 Disruption this would tell me that we may see months of inventory rise in coming months and home price increases slow down if this continued.
Under contracts dropped year over year for the first time since November 2018 after under contracts or pendings had increased by double digits for 10 consecutive months.
Still under contracts or pendings remained stronger than I expected after reading how far and fast the number of showings dropped in the last 2 weeks of March.
Solds have increased year over year for 7 of the 9 last months.
After DMAR reported that over 700 home sellers took their homes off of the market in March I was expecting we would see Actives down by maybe 10%; instead Actives increased by 2.6%.
It’s incredible to see home prices rising 7% to 8% annually again. I didn’t think we would see this again so soon.
Median sale prices have been rising by at least 5% year over year for 6 consecutive months.
I’ve included links to the Denver Metro March reports for a few areas below. If you don’t see your area listed, just shoot me an email and I will happily send you a report. Thinking of selling, buying or just curious as to what your property is worth in the current market, give me a call 720-307-5280.
March Market Reports
Aurora Castle-Pines—Castle-Pines-North Centennial Englewood Highlands-Ranch Greenwood-Village Lakewood Littleton Parker