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8z Market Update: 3/23 – 3/29

As promised, here is 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 23rd to Sunday, March 29th.

Data compiled from each of the three major MLS providers on the Front Range

New Listings:

2720 – Up 2% from prior week

Properties Under Contract:

2386 – Down 12% from prior week

Properties Withdrawn:

661 – Up 40% from prior week

Properties Sold:

2060 – Down 5% from prior week

The market data on the Front Range is consistent with that of last week.  Properties are still being listed for sale on a  consistent basis. Interestingly enough, new listings are almost equal in 2020 to this same point last year.

The one statistic that has stood out the most as we gather data is the number of scheduled showings.  Scheduled showings are down about 50% on a year-over-year basis.  This is a sign that people are exercising caution and adhering to the recommendations of social distancing and stay at home orders.

While we expect there to be some slowing in real estate activity in the weeks moving forward, the current data is encouraging that the market has not paused or stopped.

Again, 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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