Andrew Abrams said it well this month when he said, “What does a breath of fresh air look like? It may be a gentle breeze on a warm day or in a Realtor’s life, increased inventory, and glimpses of hope for a market desperate for more balance. March was a breath of fresh air.” We could not agree more, and we believe we are just getting started to what could be a more balanced Spring Market here in Metro Denver.
The average February to March increase in the number of Active Listings is 6.44%. This past February to March we saw an increase of active listings of 81.16%. To be honest it seemed that the only direction we could go was up, but this much up is surprising.
The average sales price increased by $58,418 to $705,812 in ONE MONTH. This time last year the average sales price of a home was $588,778 and we thought that was high.
The average close-price-to-list price ratio has risen to 106.46%, along with interest rates rising and home prices rising (19.88% YOY at the end of Q1 2022) quickly now is the time to shift your mindset Buyers. It is now time to move from emotional buying to logical buying. If you stay close to the comparables in your offer price and don’t give up all of your contingencies (inspections, appraisals etc.), we think that your home buying decision is going to feel great!
Thanks DMAR for the stats