We have completed the First Quarter of 2021 with unprecedented numbers for average prices and pending activity! Hold on to your hats, but the average price of a Single Family Home in March 2021 was $674,990 which is 19.3% higher than last year’s March average of $565,745.
Now, for the core numbers and why this is happening… We only have 1,921 active listings in 11 counties currently, which is down 66.7% from last year! The pendings are up 28% year over year and the closed properties are almost the same as last year at this time. We commonly call this phenomenon an inventory shortage but this data suggests that new listings are abundant, so the bigger picture is not an inventory shortage as much as it is a demand surplus. The market wants to buy homes, and they want to buy them now! Please let us know how we can help you navigate this very interesting time in Denver real estate.
More numbers are below and make sure to scroll down to see the LUXURY market!