At Colorado Real Estate School, we’re committed to providing you with the important information necessary to build the foundation for success as a new real estate agent. One of the ways we do this is by delivering insights into the latest trends in the Colorado real estate market. Below is a recap of the Denver and statewide real estate market performance over the past month.
Based on the recent data released by REColorado:
Based on the recent data released by the Colorado Association of Realtors:
We’re seeing the market heat up in the Denver metro area as we enter the spring season. “Homes pending sale,” the term used to describe the number of new contracts signed last month, are up 8% from last year and 33% from February. This metric is a leading indicator of future closed sales and indicates that we’re likely to have a busy spring selling season this year.
Homes are staying on the market for about 12 days as buyers are feeling the competition and acting fast to secure their desired home before they miss out to another prospective buyer. In fact, homes went under contract roughly two weeks faster on average than they did in February.
While inventory is up from last year as well as from February, this hasn’t negatively impacted sellers. The strong buyer demand has resulted in higher prices for sellers – the closing price of homes sold in March increased 5% compared to March 2023, and it was 3% higher than in February. The high buyer demand has played a major role in new listings continuing to move off the market quickly.
Even with this surge in buyer activity, the outlook for prospective buyers remains good. The number of new listings added to the market was up 18% from February, and there were 47% more active listings available at the end of March compared to last year. While buyers need to act fast due to homes selling quickly, there is significantly more inventory available than we saw at this time last year.
Statewide, inventory is also slightly higher than in March 2023. Closings are down slightly, increasing months of inventory by 15% from March 2023 to just over 2 months in March 2024. Prices are up slightly and pending listings rose 6%, indicating that although numbers are starting to shift, Colorado is still experiencing an inventory shortage with buyer demand being high. This bodes well for sellers across the state.
If you’re interested in pursuing a career in real estate, Colorado Real Estate School can help you build the foundation for success. We offer the most comprehensive online real estate courses available, and our courses are packed with all the essential information necessary to pass your real estate exam and build a thriving new real estate business.
You’ll benefit from our online format for our real estate courses, which allows you to work through the materials at your own pace. This is especially helpful if you’re trying to fit your coursework into a busy schedule that includes a full-time job and extensive family obligations.
In addition, all our online real estate course content is created by licensed, local real estate professionals who have the knowledge and insights necessary to help you understand the nuances of our local real estate market. You’ll also have access to our exclusive VideoConnect Success Learning System™ containing the largest library of instructor-led video content in the industry. This highly engaging video content allows you to simulate an authentic classroom experience from the comfort of your own home.
At Colorado Real Estate School, we’re committed to your success, and we back this up with our TruSupport Pass Guarantee™. If you don’t pass your real estate exam, you’ll receive extended access to all course materials. One of our instructors will also analyze your test results to help you develop a customized study plan that addresses the areas where you struggled on the exam. This will ensure you focus your efforts on the areas where you need the most support. This process positions you to achieve a more successful outcome next time you take the exam.
Contact us today to learn more about our online real estate courses.
