"It was an eventful month with the announcement of the National Association of Realtors® settlement of the ongoing litigation in the Sitzer-Burnett case. As we navigate potential changes to our real estate market together, the Denver Metro Association of Realtors® will continue to communicate with its members as more information becomes available. While we as Realtors® wait for additional updates, the Denver real estate market didn't skip a beat this month as we head into the spring selling season. New listings jumped 16.27 percent month-over-month to 4,932 properties, which was a slight dip of 3.28 percent from this time last year. Active listings at month's end also increased by 6.13 percent, while the year-over-year numbers increased by 29.52 percent showcasing that inventory is slowly building. Of note, the active listings at month's end of 5,849 were 1.26 percent above the year-to-date number of a pre-pandemic March 2020." Chair of the DMAR Market Trends Committee | Denver REALTOR® | | |
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LUXURY MARKET ($1,000,000+): "Some call it a comeback, I call it spring. We are not talking about the Nuggets or Avalanche as they were never down. You can't have a comeback without being down, which seems to be the Rockies strategy. We are, of course, talking about Denver Metro's residential real estate market. While the over $1 million segment of the market staggered over the previous year, the majority of our stats suggest that spring is in full swing for buyers. I had multiple clients looking for properties over $1 million and there was one common theme throughout their search: competition. Whether it was an attached property in Superior or a detached property in Denver, there were multiple offers on a wide range of properties." Andrew Abrams, DMAR Market Trends Committee Member & Denver REALTOR® -
SIGNATURE MARKET ($750,000 - $999,999): "In the Denver Metro housing market, the segment between $750,000 and $999,999 appears to be healthy. With a 1.60-month supply of detached properties and a 2.93-month supply of attached homes, this price bracket signifies a soft sellers market that allows buyers to play the field. As Yogi Berra aptly said, "It ain't over till it's over." March 2024 saw increased activity within this price range. New listings increased by 15.96 percent, showing sellers are willing to leave their lower interest rates behind, while pending transactions soared by 37.35 percent, signaling buyers have settled into the current interest rates. There is no time for lollygaggers since median days in the MLS is 10 and closed sides ticked up by 8.87 percent from February." Keri Duffy, DMAR Market Trends Committee Member & Denver REALTOR®. -
PREMIER MARKET ($500,000 - $749,999) "I am looking forward to April and May, especially for this price segment of the market. An increase in inventory could mean slightly longer days in the MLS next month which could lead to a calmer and less stressful process for all. I believe savvy sellers who prepare and update and stage their homes well, will still get top dollar. And on-the-ball buyers will be able to benefit from an increase in inventory to negotiate favorable deals on the homes of their dreams." Susan Thayer, DMAR Market Trends Committee Member & Denver REALTOR®. *Remarks from Pages 14-15 of the March 2024 Market Trends Report from DMAR | | |
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