What happened in March?
There was an uptick in sales last month with 30 transactions occurring in March, however sales volume dropped slightly, down to just under $58 million. As a result, both the average and median sales prices were down in March, as nearly 50% of property sales occurred under $1 million. Properties that sold in March had only been on the market for an average of 147 days, the shortest monthly marketing time seen since Oct 2018. Demand remains high as half of March sales were on the market for less than 90 days before closing. Sellers appeared to be motivated this winter, as properties sold at 95% of their listing prices in March, only the second time this monthly ratio has dipped below 96% in the past 17 months. Single family homes represented over half of all sales in March, while only 2 building sites sold – a 31 acre lot on Saddle Butte and a rarely available vacant lot in Cottonwood Park.