Early Spring Market Interrupted
The real estate market in March was unusually busy until COVID-19. Market statistics reflected a significant increase in new under contract sales compared to February 2020. The supply of homes for sales increased in March. Average days on market decreased from February 2020. Average sales price increased 5.5% from February 2020. All indications of a strong early Spring market until the COVID-19 restrictions impacted the market in late March. A few highlights from March:
- Number of available listings for the month increased by 19.46% from February and decreased 8.2% in a year over year comparison.
- Number of Homes Sold increased 12% from February and decreased 5.12% in a year over year comparison.
- Single Family Homes placed under contract (pending sale) increased 13.56% from February and decreased 3.93% in a year over year comparison.
- Average Sold price increased 7.31% in a year over year comparison.
- Less than a two-month supply of homes for sale exists in our market (more than five months of inventory is considered a buyer’s market).
- Average days on market (29) decreased 23.68% from February and 9.38% in a year over year comparison.
- Mortgage rates remained in a range of 3.50% to 3.75% until COVID-19 volatility late in the month.
- All data suggested a strong Spring Market until COVID-19 restrictions hit the real estate market and economy.
Strong market data in March offers hope the the market will rebound from the impact of COVID-19 restrictions and related economic distress. However, the economic impact has been dramatic and COVID-19 restrictions change daily. As of April 8, physical showings of homes are prohibited until April 26. April statistics will offer greater insight into the impact of COVID-19 restrictions and related economic distress. Market conditions vary from neighborhood to neighborhood. Contact me today for an update on the value of your home.
Below is a Denver real estate market snapshot based on March 2020 Statistics from DMAR Market Trends
Residential Real Estate Services has been deemed to be an essential service. To learn how the Tom Gross Team is serving the needs of our sellers and buyers while maintaining safe practices click on COVID-19
Questions? Let’s talk – contact us anytime to discuss your questions, plans or the current value of your home. If a move is in your future now is an excellent time to discuss home preparations and a timeline for your move.