March 2021 Denver CO Real Estate Statistics & Market Trends Report
DMAR Denver Real Estate Market Trends Report : Denver Metro Association of REALTORS
Single Family Homes | Single Family Condos | Residential Market | Luxury Market ($1Million+)
Denver CO Real Estate Market Snapshots by Anthony Rael, REMAX Colorado Realtor

Demand remains hot, even as many buyers continue to be iced out in our fast-paced seller’s market

In February, the Greater Denver Metro housing market proved that the underlying theme of this market is speed: speed at which buyers are purchasing relative to the number of sellers listing, and the speed at which active properties are going under contract while prices are accelerating. While many metrics still show detached properties are in higher demand than attached, that gap decreased in February. There were 3,641 closed properties, up 3.70 percent from last year at this time, and in part because attached properties were on the rise. Attached properties saw a 16.29 percent increase in closings relative to last year at this time. The increased demand for attached properties propelled the market to an average close price of $401,552. This is the first time the attached market has had an average price above $400,000. Meanwhile, detached properties saw a 1.80 percent decrease in closed properties relative to last year.

The report additionally confirms that with median days in the MLS at five, close-price-to-list-price ratio 101.90 percent, and months of inventory at 0.55, competition remains incredibly high. With properties frequently going over asking price, full appraisal gap waiver appreciation continues to rise. Savviness, creativity, knowledge and guts are all components that will help buyers move towards a path of homeownership in this market.

The DMAR report also includes statistics and analyses in its supplemental “Luxury Market Report” (properties sold for $1 million or greater), “Signature Market Report” (properties sold between $750,000 and $999,999), “Premier Market Report” (properties sold between $500,000 and $749,999), and “Classic Market” (properties sold between $300,000 and $499,999).

February showed no signs of slowing down in the Luxury Market with some interesting trends at hand. Overall, numbers show an excellent month for luxury real estate in Denver with an incredible 446 sold homes year-to-date. That represents a 62.77 percent increase in sales overall from February 2020.

Last month, the luxury detached market alone closed on 206 homes, a 10.75 percent increase in this category from last month and a 46.10 percent improvement from last year. More buyers are ready to purchase property over $1 million than the market saw in 2020 and single-family home sellers are enjoying a more crowded and hotter marketplace. While less competitive than other market segments, it is still fierce with February’s close-price-to-list-price ratio at 97.63 percent.

Conversely, an interesting trend appears in the attached market with the number of closed residences down from 29 sales in January to 25 in February. This was still more sales than in 2020, which was only 15 total for February. However, the attached market was also experiencing a much longer time on the market; it is up 337.50 percent from the previous month. In January, there was a median of eight days in the MLS, and in February, it jumped to 35 days.

The good news for luxury attached homebuyers is that you have options. Sellers should take their time to prepare the residence, and REALTORS® need to market appropriately rather than rushing to get the property on the market. It is essential to set the timeline of expectations for the sellers and establish a showing schedule that will work with their lifestyle.

March 2021 : Denver Real Estate Market Snapshot : Average Sales Price : Anthony Rael, REMAX Colorado Realtor #DMARSTATS

March 2021 : Greater Denver Metro Real Estate Market Snapshot : Anthony Rael, REMAX Colorado Realtor #DMARSTATS

Digging Deeper: February 2021 Records
February 2021 was yet another record-breaking month!

source: DMAR Market Trends Committee

ACTIVE LISTINGS
* Residential: 2,024 represents the lowest inventory on record. The previous low was January 2021 of 2,316.
* Detached: 1,120 represents the lowest inventory on record. The previous low was January 2021 of 1,263.

CLOSE PRICE — MEDIAN
* Residential: $475,000 represents a tie for the highest amount on record. The previous record was in October 2020.
* Detached: $629,159 represents the highest amount on record. Previous record was in Oct 2020 of $622,990.
* Attached: $337,250 represents the highest amount on record. The previous record was October 2020 of $337,000.

CLOSE PRICE — AVERAGE
* Residential: $553,774 represents the highest February on record. The previous record was in 2019 of $463,642.
* Detached:  $632,581 represents the highest amount on record. The previous record was in January 2021 of $627,550.
* Attached: $401,552 represents the highest amount on record. The previous record was in January 2021 of $396,677.

DAYS IN MLS — MEDIAN
* Residential: 5 days represents a tie for the lowest number on record. The previous low was set in 9 different times.
* Detached: 4 days represents the lowest number on record. The previous low was set 6 different times.

DAYS IN MLS — AVERAGE
* Residential: 23 days represents the lowest February on record. The previous low was in 2018 of 32 days.
* Detached: 19 days represents the lowest February on record. The previous low was in 2018 of 34 days.

CLOSINGS
* Residential: 3,641 represents the highest February on record. The previous high was set in 2020 with 3,511 Closings.
* Attached: 1,241 represents the highest February on record. The previous high was set in 2018 & 2020 with 1,068 Closings

MONTHS OF INVENTORY (MOI)
* Residential: 0.56 months represents the lowest February on record. The previous record low was in 2017 with 1.19 months.
* Detached: 0.47 months represents the lowest February on record. The previous record was in 2018 with 1.28 months.
* Attached: 0.73 months represents the lowest February on record. The previous record was in 2016 with 0.82 months.

PENDING
* Attached: 1,520 pending transactions represent the highest February on record. The previous high was in 2017 of 1,457.

Denver Colorado Real Estate Statistics & Market Trends Report : DMARSTATS

DOWNLOAD MARCH 2021 DENVER REAL ESTATE MARKET TRENDS REPORT


Monthly Report is based on the most recent previous month of MLS stats from REColorado
Source: Denver Metro Association of REALTORS® Market Trends Committee #dmarstats
Infographics Courtesy of: Anthony Rael, RE/MAX Alliance

Archived Denver Real Estate Market Reports
Month-end Inventory, Average & Median Sales Prices, Days on Market (DOM), Price Appreciation, Sales Volume & More!
Archived Denver Colorado Real Estate Market Snapshots
A graphical look back at market stats and trends since 2015 : Infographics compliments of Anthony Rael

  City and County Real Estate Market Reports
  Denver Colorado Real Estate Market Statistics & Trends Reports - Main Index

  April 2021 - Denver Colorado Real Estate Market Statistics & Trends Report
  March 2021 - Denver Colorado Real Estate Market Statistics & Trends Report
  February 2021 - Denver Colorado Real Estate Market Statistics & Trends Report
  January 2021 - Denver Colorado Real Estate Market Statistics & Trends Report
  December 2020 - Denver Colorado Real Estate Market Statistics & Trends Report
  November 2020 - Denver Colorado Real Estate Market Statistics & Trends Report
  October 2020 - Denver Colorado Real Estate Market Statistics & Trends Report
  September 2020 - Denver Colorado Real Estate Market Statistics & Trends Report
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  2019 Year-End : a 30-Year Historical Perspective of the Denver Real Estate Market
  December 2019 - Denver Colorado Real Estate Market Statistics & Trends Report
  November 2019 - Denver Colorado Real Estate Market Statistics & Trends Report
  October 2019 - Denver Colorado Real Estate Market Statistics & Trends Report
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  December 2017 - Denver Real Estate Market Trends Report
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  December 2015 - Denver Real Estate Market Statistics & Trends Report

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NOTES:
Interview requests from the media should be directed to DMAR's Marketing Communications at (303) 300-8490
MLS stats are tracked in arears, so the published report is for the previous month-end activity
The DMAR 'Premier Market' is defined as $500,000 to $749,999
The DMAR 'Signature Market' is defined as $750,000 to $999,999
The DMAR 'Luxury Market' is defined as $1,000,000 and over
11-Counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson & Park
Research:  Denver Metro Association of REALTORS® Market Trends Committee

 


The DMAR Market Trends Committee, part of the Denver Metro Association of REALTORS®, provides timely, consistent, and relevant monthly summaries of valuable local real estate market statistical data for both its members and the general public. Statistics from the “Denver Metro Real Estate Market Trends Report” provide data for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park. Source of the reported data is REcolorado.

Stats & Infographics Courtesy of: Anthony Rael, RE/MAX Alliance

Find Your Dream Home with REMAX in Colorado : Denver Colorado Homes For Sale : Denver MLS Property Listings : #JustCallAnts : SearchHomesInDenver.com : Anthony Rael REMAX Alliance

  Media Coverage
Former Denver Metro Association of Realtors Market Trends Chairman Anthony Rael with RE/MAX Alliance is a trusted "go-to" real estate expert for local, regional and national media. Below is a list of recent media interviews with Anthony providing expert commentary. Below are a few of media interviews he's provided commentary on:

Denver Post - Once the king, cash losing a little cachet when it comes to buying a Denver home
Colorado Public Radio - Climbing Denver Home Prices Finally Spark Some Building
Colorado Public Radio - Denver Home Prices Are Still Climbing. The Good News? Price Growth Is Slowing
HousingWire.com : Mile-high Appreciation & Mile High Appreciation
Colorado Public Radio - As Buyers Spar Over Denver Homes, Veterans Find Themselves At A Disadvantage
VeroFORECAST Predicts Continuing Strength in Housing Market : Top Markets Rising 10 Percent Over The Next 12 Months
Denver Business Journal : Denver area housing market to see big value increase in 2018: Report
Denver7 & TheDenverChannel.com : Realtors warn of potential security flaw at homes listed for sale
Denver Post : Denver, northern Front Range real estate party ends in late 2019, new forecast predicts
Denver Business Journal [Video] : Battles are fierce for bidding homebuyers in metro Denver
Denver7 & TheDenverChannel.com : Thieves breaking into Denver homes are using real estate lockboxes to do so
5280 Magazine : Denver’s 2017 Real Estate Outlook
Denver Post : Denver area still lags in new home construction
Denver Business Journal : Metro Denver home inventory shortages persist as prices continue to grow
Denver Post : Metro Denver home prices slightly down, condo prices up in August: Rush on appraisals
Denver Real Estate Watch : Seasonal real estate peak
Denver Post : Home prices drop in metro Denver as affordability becomes an issue
Denver Business Journal : Metro Denver home prices continue strong gains
Denver Real Estate Watch : Record home price takes a breather
Worth Magazine : Influx of millennials creating exciting investment opportunities in Denver
Denver Post : Metro Denver sees a big jump in the inventory of homes for sale in June
Denver7 & TheDenverChannel.com : Finding a home for sale is hard to come by these days, but some have made it work
Denver Business Journal : Metro Denver home inventory up in June, but prices climbed faster
Denver Post : Denver median home sold price nears $400,000
CBS4 News : Denver’s Housing Market Just Keeps Getting Tighter
CBS4 News [Video] : Denver’s Housing Market Just Keeps Getting Tighter
Denver Post : Frustration rises as a fifth of Denver home sale deals fall through in April 
Denver Business Journal : Metro Denver housing inventory hits record low for May
Denver Post : Inventory of homes for sale hits record low in metro Denver 
9News Denver [Video] : Low inventory leads to creative home-buying tactics
Denverite : Do people move to Colorado for legal weed? Probably not, but no one knows for sure
Denver Post : Denver home sale listings jump 33.6 percent over record-low February
Denver Business Journal : Denver-area home prices continue to climb; low-priced inventory scant
Denver Business Journal : $20 billion in metro Denver home sales in 2015 and other records
Denver Business Journal : Denver home inventory continues climb in November, but so do prices
Denver Business Journal : Colorado home prices up 12 percent, but inventory up too
Denver Business Journal : Denver-area house prices up 11%, but slowdown could be in sight
Denver Business Journal : Colorado's home-price pressure eases with influx of new listings
Denver Business Journal : Is Denver's residential real estate market cooling off?
Denver Business Journal : Torrid metro Denver home-price pace to continue
Denver Business Journal : Passing $400K, average Denver-area house sale prices hit all-time high
Denver Business Journal : Metro Denver home supply down 32% in March from year ago
Denver Business Journal : Average home price in metro Denver tops $390K
Denver Business Journal : Denver metro home sales created a $22 billion impact in 2014
Denver Business Journal : Denver area home buying continues slowdown
Denver Business Journal : Residential real estate market softened in Denver during August
Denver Business Journal : Metro Denver homebuying hits $1.9 billion in monthly sales
Denver Business Journal : Buying a metro Denver home? It will cost you more than ever
Realty Today : Four Factors That Play Important Roles in Denver's Real Estate Market in 2016
5280 Magazine : Issues That Will Impact the 2016 Real Estate Market
MONEY Magazine : Buyers Guide: How to Beat the Competition in a Hot Housing Market
Denver Business Journal : Anthony Rael, Denver Real Estate Agent & DMAR Market Trends Chair
Colorado Springs Gazette : Colorado Springs' lower home prices lure frustrated Denver buyers
Kiplinger Magazine : Money-Smart Tactics to Prosper in This Hot Housing Market
Denver Business Journal : Anthony Rael, Denver Real Estate Agent & DMAR Market Trends Chair
TIME-Money Magazine : The Letter That Saved $11,000. Really.
Builder and Developer Magazine : Denver’s Housing Market Just Keeps Getting Tighter
MSN Money : Millennials shift to buying as rents surge
DenverPost.com : Anthony Rael, Denver Real Estate Agent & DMAR Market Trends Chair

Glossary of Terms for Real Estate Stats
What is Median Sale Price?
What are Active Listings?
What are New Listings?
What are Sold Listings?
What is Pending/Under Contract?
What are Days on Market?

What is the Affordable Housing Index?
What are Months Supply of Listings?

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