A Steady Climb
Spring Activity Continues to Build
Momentum continues to build as we move through the spring market. If this sounds familiar, it’s because it is. Last month, we noted early signs of activity picking up, and March’s data is reinforcing that trend rather than reversing it. We’re seeing more inventory, more homes going under contract, an increase in closings, shorter days on market, slight price growth, and a stronger close-to-list price ratio. Even the attached market is showing small signs of life in certain areas. The consistency of these patterns is what stands out. This feels like more than a one-month shift, whether it’s simply seasonality or the beginning of a broader change after a few flatter years is still unfolding.
Inventory continued to expand in March, though at a slightly more measured pace. Active listings came in at 9,846, increasing 9.55% month over month, just under the historical average increase of 11.32% for this time of year. February’s 9.24% jump was already one of the largest on record, so this continued growth still signals a meaningful buildup of inventory. For context, the long-term average number of active listings in March is 13,105, with a record high of 27,309 in 2006 and a record low of just 1,921 in 2021. New listings came in at 5,986, rising 19.94% month over month overall, with detached homes up 24.13% and attached homes up 10.23%. The increase in new listings is consistent with the seasonal ramp-up we expect as we head deeper into the spring market.
Homes also began moving through the market more quickly. Both average and median days in MLS declined notably month over month, with the average dropping to 50 days and the median falling to just 16 days. Detached homes saw even stronger improvements, reinforcing that well-positioned homes are moving faster as buyer activity picks up. The attached market, however, remains more uneven. While median days improved month over month, overall timing is still longer than it was a year ago, and average days have edged slightly higher. In short, detached homes are gaining momentum more quickly this spring, while attached properties are still working through some of the challenges we’ve been seeing, including higher HOA costs, insurance increases, and special assessments.
Buyer activity picked up in a big way. Pending and closed sales both saw strong gains month over month, right around 30% across all segments. Year over year, pending sales are up 5.10% overall, with detached homes up 5.47% and attached homes up 3.87%, signaling steady buyer engagement. The strength in pending activity is a clear indicator that buyers are active and willing to move when the right homes hit the market.
Pricing continues to show modest movement. Month over month, both average and median sales prices increased slightly overall, up 4.34% and 2.61%, respectively, bringing the average price to $711,493 and the median to $590,000. Detached homes saw similar gains, while the attached market posted slightly stronger increases month over month. Year over year, however, the data is more mixed. Overall pricing remains relatively flat, with some variation between segments — detached homes showing strength in average price but slight softening in median, while attached homes are up in both metrics. It’s another indication of a market that is active but not dramatically shifting in one direction.
For Sellers
The market is still offering opportunity, but with more nuance. In March, 63.14% of sellers offered concessions. That’s an important shift in expectations. While well-prepared and well-priced homes are still attracting strong interest, buyers are more discerning and negotiating with more confidence. Pricing accurately, preparing the home thoughtfully, and understanding current buyer expectations are key to success in this environment.
For Buyers
Conditions continue to improve in terms of options and negotiating power, even with the recent interest rate fluctuations we experienced over the past month. Increased inventory means more choice, and while competition still exists for the most desirable homes, it’s not across-the-board intensity. Buyers are retaining some leverage, whether through concessions, inspection negotiations, or simply having more time to make decisions. That said, the best homes are still moving quickly, so being prepared remains important.
Momentum is clearly building while the market still feels relatively balanced. Both buyers and sellers are experiencing a mix of advantages and trade-offs. Sellers are still achieving strong prices in many cases and are more frequently contributing concessions and repairs. Buyers aren’t facing the same level of competition, while pricing hasn’t meaningfully dropped. Inventory feels relatively stable, pricing feels normalized, and demand is returning. Whether this is simply a return to typical seasonality or the beginning of a broader shift after the past few years remains to be seen. And with more spring data ahead, we’ll have a clearer picture as we move into summer.
(Info Source: D.M.A.R. (The Denver Metro Association of Realtors, YCRE Analysis)
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