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8z Market Update: 3/16 – 3/22

As events unfold at the local, state and national levels, 8z remains committed to keeping our clients informed on the impact of the Coronavirus on Colorado’s real estate market. We will be providing a weekly snapshot of key market data across the Front Range to give you a better sense of what’s happening in our market, without prognostication or conjecture. Just the facts.

The following are critical market indicators for the Week of Monday, March 16 to Sunday, March 22.

New Listings:

2438 – Up 16% from prior week

Properties Pending:

2307 – Down 13% from prior week.

Properties Withdrawn:

471 – Up 111% from prior week

Properties Sold:

1744 – Down 5% from prior week

It is clear based on the data above that homes along the Front Range are still closing, and buyers are still drafting contracts that sellers are accepting, albeit at a slower pace.  The real estate market has not hit “pause.”  New properties are still coming to the market even though some have recently been withdrawn. The increase in the number of withdrawn listings has caused inventory to become even tighter. As a result, nearly half of all properties on the market are currently under contract.

We look forward to updating you again next week on the state of the market, or even sooner if anything changes that requires a more timely update.

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