March 2021 Real Estate Update for Denver Metro Area

Market Trend

March 2021 Real Estate Update for Denver Metro Area

The March Denver Metro Real Estate Market Update and market final figures for February shows listings DOWN 69.7% from February 2020. Think about that - listings are down 70%. This lack of homes for sale (3,724)) is creating bidding wars again.

In my 22 years in the real estate business I have NEVER seen inventory this low and the bidding wars this tough. To put that in historic perspective a normal level of homes on the market (inventory) is normally around 20,000.

Buyers put 7,015 homes Under Contract – a 10.8% INCREASE from February 2020. So last month buyers put more homes (7,015) Under Contract than we had in inventory at the end of the month (3,724). WOW! That means if no other homes were put on the market, we'd run out of homes in about 2 weeks.

Listing Agents are reporting that homes are getting 60+ showings in 2 days; it is not unusual to get double digit number of offers; a lot of the offers are for cash; I am hearing reports of some homes around $550,000 price range getting $100,000 OVER ASKING PRICE. If you are a buyer in this market, it is imperative that you work with an experienced agent that can best present your offer to win the bidding wars.

The Average Sold Price had a slight increase last month to $547,932 in February compared to $540,846 in January. On an annual basis it is up 15.6% from a year ago. If buyer demand stays steady and number of homes for sale stays low, prices will continue to increase because of the #1 rule in economics of supply and demand.

In February 5,601 homes were sold/closed. The absorption rate has dropped again – if no other home came on the market it would take approximately 18 days to absorb/sell all the homes currently on the market (3,724). Anything under 6 months absorption rate is a sellers’ market, so we’re still in a very strong sellers’ market with less than a month of inventory.

That means it’s a VERY, VERY good time to sell but a buyer may experience bidding wars.

That’s the March Denver Metro Real Estate Market Update with the final February statistics.

PLUS: Whenever you are ready, here are some ways I can help with your real estate goals:

1) Obtain my free handbook on “How to Sell Your Home for Top Dollar – Fast”

What you’ll learn from this handbook is going to give you a big advantage over your competition. It could literally be the difference between thousands of dollars in your pocket or thousands of dollars in your buyer’s pocket – Click Here

2) Obtain my free Home Prices Report on Your Specific Neighborhood

You’re thinking about selling your home, but you are not sure what the real estate market is doing. You don’t even know what the neighbors down the street sold their home for last month. You want to know what homes around you are selling for, but you’re really not ready to meet with a realtor yet.
Click Here for a Home Prices Report

3) Obtain my free handbook on “Room by Room Review”

One of the biggest stumbling blocks in deciding whether or not to move is deciding what needs to be done to transform your home from the way people live in a home to the way people want to showcase their home. This handbook steps you thru the different things you might want to consider in preparing your home for sale.
Click Here.

Also….check these out?

Denver Home Finder Service
Denver Home Seller Service
Cherry Creek School District Homes For Sale

Oct 4, 2021 Market Trend