Colorado Housing Market Review March 2023
The 11-county Denver Metro area is bustling with activity as the home buying season reaches its peak! REcolorado data reveals a noteworthy uptick in both new listings and closings between February and March. Furthermore, eager buyers are snapping up properties in a mere 11 days – a remarkable 16 days faster than the previous month – as they swiftly secure real estate contracts.
Implications for Buyers
As the bustling season progresses, an influx of homes is entering the market, with REcolorado data revealing a remarkable 42% surge in new listings from February to March. This may alleviate some pressure on buyers, allowing them a bit more time to make well-informed decisions, as homes remain actively available for sale a week longer compared to the previous two years. Nevertheless, homes with competitive pricing continue to attract swift contract agreements.
Outlook for Sellers
REcolorado data indicates a promising landscape for sellers, with a 22% increase in signed contracts from February to March. Properties are being swiftly removed from the market as eager buyers secure deals in a median of 16 days, an impressive one-week improvement over the previous month. While prices have dipped by 6% compared to the scorching market of 2022, the influx of ready-to-offer buyers ensures that competitively priced homes continue to attract attention and prompt action.
Additional Market Statistics can be found under resources