With more active home sale listings and new listings in the metro Denver residential real estate market last month, buyers have more inventory to choose from and “balance” continues to describe the market.

That’s according to the latest Market Trends Report from the Denver Metro Association of Realtors, which covers March activity.

The number of active listings stood at 9,764 last month, up 14.15% from February and a whopping 66.93% from March 2024. There were also 6,373 new listings, up 32.47% month-over-month and 29% year-over-year, according to the report.

“The good news for buyers in this current market is that the pricing rebalance has allowed the drastic value jump to even out,” said Amanda Snitker, chair of the DMAR Market Trends Committee, in a news release. “Mortgage rates remain impactful on affordability; however, the increase in supply has provided more options to choose from and increased negotiating options with sellers.”

Both the average sales price, $698,053, and the median sales price, $599,000, remined basically flat month-over-month, and from prices in March 2024 as there was a less than 1% change by both measures. The median sales price did rise .67% year-over-year.

The average amount of time it took to sell a home dropped to 48 days in March, down from the 56-day average in February and up from the 39 days on average it took to sell a home in March 2024.

Snitker reflected on the five years since Colorado was in the throes of the COVID-19 pandemic in March 2020, when home prices and values started to soar and a seller’s market persisted until 2022.

“In reality, sellers are in a different position than in 2020-2022; buyers are pickier and looking for homes that have been well-maintained, require minimal updating and, of course, are priced competitively for the current market conditions,” Snitker said in the release. “Buyers don’t have the same level of urgency as during the pandemic years; sellers need to create that urgency by presenting a beautiful home at an attractive price.”

Some other tidbits from the March report, which covers the 11-county metro Denver area:

• Buyers closed on 3,515 homes in March, up 25.36% from February and down 5.13% from a year earlier. 
• Sales volume for the month rose 24.31% month-over-month to $2.45 billion. That’s a 5.43% drop from the volume in March 2024.
• The number of active and new listings for condominiums and townhomes jumped significantly. There were 3,567 active listings, up 18.39% from February and 87.24% year-over-year. New condo listings stood at 1,886, up 27.72% month-over-month and 28.6% from March 2024.