March 2021 Depicts an Emotional Market in the Greater Denver Metro Housing Area
With nearly every statistic in the report justifying how much competition there is for buyers, the market can visibly observe how far buyers are willing to take their offers in order to secure a home.
Whether Looking at Detached or Attached Properties, It is a Strong Seller’s Market Across the Board
Year-over-year appreciation is at 15.26 percent from $511,511 to $589,587 this March, while month-over-month appreciation is at 6.90 percent from $551,542. On par with recent months, median days in the MLS went down to four, while close-price-to-list-price ratio went up to 103.32 percent.
New Listings in the Luxury Market Are Also Unable To Keep Up With Buyer Demand
Reports show that as prices and appreciation continue to soar, more homes cross the threshold into the Luxury Market as a result.
Sales Volume for the Attached Segment of the Luxury Market Is Up Substantially
62.63 percent year-over-year to $64,182,709 and up 63.56 percent month-over-month from last month’s $39,240,156. As volume has gone up, median days in MLS has fallen from 27 days last year and even a whopping 35 days in February to only seven days in the month of March.
New Detached Listings Increased, Barely Keeping Pace With the Pending Sales
Listing increased 28.03 percent with 402 new listings, up from 314 last month. This barely kept pace with the pending sales topping out at 399, a 26.27 percent increase month over month. As a result, sales volume was also up month-over-month 57.43 percent reflecting $558,253,910 at month-end.
In a Highly Emotional Market, One Must Understand How Much Competition Is Out There
Instead of using past sales as an indicator, one must also understand how much competition one has when submitting an offer. The data is a small piece of the puzzle. The bigger question is what are buyers willing to offer to beat out your competitors?