Homefront Highlights

Pending Home Sales are Up:
Homebuyers continued to enter the Denver metro housing market. In March, 4,343 new contracts for home purchase across the Denver metro area. That’s 8% more than last year and 33% more than last month. Homes pending purchase is a leading indicator of future home sales.

Days on Market Down:
In March, homes spent a median of 12 days actively available for sale, according to REcolorado data. Buyers sped up their decision making, executing contracts on homes nearly two weeks faster than last month.

Large Demand for Homes 1MM + :
Home closings increased for the third consecutive month. In March, 3570 homes closed. The closing price of those homes was 5% higher than last year and more than 3% higher than last month, thanks in part to strong demand for homes priced above $1 million.

Commentary:
Inventory levels are rising, But remain tighter than we like to see for a balanced market. While buyer activity is surging, there is some positive news for those hoping to purchase a home. The number of new listings added to the market inched up slightly compared to last year and saw a more substantial 18% increase from February. This trend has continued year-to-date, with 11% more new listings coming onto the market compared to the same period in 2023. This increase in new listings has helped boost overall inventory levels. At the end of March, there were 47% more active listings available compared to last year.
The news of a strong economy is fueling buyer demand. The strong demand is likely due to a combination of factors, including pent up demand and continued strength of the Denver Metro economy. Low unemployment and healthy job growth are putting more money in people’s pockets and boosting their confidence to buy a home. Millennials have taken the place of Baby Boomers as the most active Buyers year over year.
Interest rates continue to be a popular topic in a lot of our conversations. Some younger buyers are still asking when will they be able to purchase a home? When will rates come down? The quick answer is we don’t know for sure but maybe by years end.

Nar Lawsuit Update:
Nothing much has changed yet because the lawsuit has not received final approval from the DOJ. That being said, most of the changes that have been proposed will likely be put into place just as they are right now. The Walters Group has already started implementing the new rules into our business so that we can get ahead of the curve regarding new negotiation strategies and educating our clients about the changes.

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Real estate is more than transactions; it’s about building relationships and helping dreams come true. Your confidence in our services means the world to us, and we are committed to continuing to provide you with the highest level of expertise and service.

Thanks ReColorado for the information/stats