March 2024 | Market Update

In March 2024, the Colorado real estate market showcased dynamic trends across various regions. Denver Metro, identified as a market expert by MCM Collective, stood out with 3,457 sold listings, while Lafayette experienced a notable 30% increase in sold listings. Conversely, Berthoud saw a significant YoY decrease of -33%. When it comes to homes for sale, Erie experienced a substantial 97% YoY change in the number of properties available, highlighting a shift in market dynamics. On the other hand, Louisville witnessed a notable -36% decrease in homes for sale compared to the previous year. When looking at these metrics at the county level, Boulder, Denver Metro, Larimer, and Weld exhibited diverse trends based on the latest data compared to March 2023. Sold listings in Boulder saw a slight increase of 2%, with 334 properties sold, while Denver Metro experienced a notable decrease of 11% with 3,457 properties sold. Larimer and Weld counties also saw declines in sold listings, down by 13% and 12% respectively compared to the previous year. 

When it comes to homes for sale, all four regions experienced an increase in inventory. Boulder showed a substantial rise of 15%, Denver Metro saw a 21% increase, Larimer had a 9% growth, and Weld experienced a 15% uptick in the number of homes for sale. This increase in inventory could have implications for both buyers and sellers in these markets. Looking at the average sales prices for single-family homes, there were mixed results across the regions. Boulder saw a slight decrease of 2% in average sales price, while Denver Metro and Larimer experienced marginal increases of 1%. Weld county stood out with a 2% increase in average sales price. In the condo/townhome market, Boulder recorded a significant 9% decrease in average sales price, while Larimer saw a 4% increase. Denver Metro and Weld remained relatively stable in this category. In terms of average sales prices for single-family homes at the city level, Boulder led the way with an average price of $1,671,159. Broomfield showed a modest 3% YoY increase in average sales price, while Lafayette faced an 8% decrease in the same metric. The condo/townhome market also displayed interesting trends, with Evergreen commanding the highest average sales price at $666,243. Boulder, however, experienced a 14% decrease in average sales price YoY, indicating fluctuations in this segment.

The months of inventory, a key indicator of market balance, also showed varying trends across the regions. Boulder, Larimer, and Weld counties all experienced an increase in months of inventory compared to the previous year, indicating a potential shift towards a more balanced market. In contrast, Denver Metro saw a significant 34% increase in months of inventory, suggesting a potential increase in housing supply relative to demand. Broomfield had the lowest supply at 1.8 months, suggesting a competitive market environment. Louisville, on the other hand, saw a significant 78% increase in supply YoY, which could impact the balance between supply and demand in the region.

These trends provide valuable insights for buyers and sellers navigating the Colorado real estate landscape. By staying informed about these market dynamics, stakeholders can make informed decisions to capitalize on opportunities and navigate challenges effectively.

Working With MCM Collective

Looking to navigate the dynamic Colorado real estate market with confidence and expertise? Look no further than MCM Collective, your trusted Colorado Market Experts. Whether you are buying, selling, or investing in real estate in Boulder, Denver Metro, Larimer, Weld, or other regions, our team at MCM Collective is here to guide you every step of the way. With our in-depth market knowledge, personalized approach, and commitment to excellence, we are dedicated to helping you achieve your real estate goals efficiently and effectively. Partnering with MCM Collective means gaining access to a team of professionals who prioritize your needs and strive to deliver exceptional results. Take the first step towards a successful real estate journey by contacting MCM Collective today. Let us tailor a strategic plan that aligns with your objectives and ensures a seamless experience in this ever-evolving market. Trust MCM Collective to be your partner in achieving real estate success.