March 2023 Housing Market Stats
Courtesy of REColorado, April 13, 2023
The home buying season is in full swing in the 11-county Denver Metro area! According to REcolorado data, the number of both new listings and closings increased from February to March, however year to year new listings decreased 17% while pending listings decreased 13%. Additionally, homes moved off the market in just 11 days, 16 days quicker than last month, but not at the speed seen in 2022.
How this Impacts Buyers
With the busy season going at full speed, more homes are making their way to the market. REcolorado data showed a 42% increase in fresh listings from February to March. Buyers may feel a bit less pressure to make an immediate decision as homes are staying actively available for sale a week longer than in the past two years. However, competitively priced homes are still moving to contract quickly.
Forecast for Sellers
According to REcolorado data, prospective buyers signed 22% more contracts in March than February. Homes moved off the market quickly as buyers executed contracts on homes in a median of 16 days, one week quicker than last month. Although prices are down 6% from the white-hot market of 2022, more buyers are coming to the market ready to make an offer, especially when homes are priced competitively.
Rental Market Activity
The rental market is thriving in the Denver Metro Area! According to REcolorado data, 411 new rental listings were added to REcolorado MLS, 75% more than this time last year. The number of leased properties also increased dramatically, up 68% from last year.
For the complete REColorado March 2023 Market Watch Report go to: https://bit.ly/REcolorado-Market-Watch-March-2023