Here in the Yampa Valley, we had our own March Madness. Buyers and their brokers sat on the edge of their seats anticipating new listings for single-family homes that dribbled on the market at an 8.3% increase, while multi-family listings dropped the ball and fell 3.9% over last year. Pending home sales shot up 173.3% with condo/townhomes competing heavily with a 172.7% increase over the same period. Both median and average sale prices surpassed the $1 million mark with single-family up 100% from the previous year; notably due to 14 sales over $2 million versus only two during the same period in 2020 and one sale at $11.5 million. Multi-family pricing fired up more than 30% over the same period of that quarter. Active listings have taken a dunk in both categories since last March, plunging 74%. On the sidelines, seller’s agents are assisting their clients to prepare their properties for the spring/summer selling market and coaching them on the potential free-throw of multiple offers. With inventory supply teetering around one month, buyers do not have a lot of time to contemplate and must quickly decide if they are going to take the offer shot or pass. Many buyers find that it may take multiple tries before getting a winning contract and it is necessary to rebound. Knowing the rules of the game and keeping the eye on the prize will ultimately result in a win for both seller and buyer.

Note: March 2021 statistics provided via the Colorado Association of Realtors, ShowingTime & ReColorado.