Home Prices In Denver Set Another Record

Property value or real estate sales evolutionTalk about March madness. Last month, home prices in Denver set yet another record. According to the Denver Metro Association, the average price of a single-family home sold in March rose to $522,277. That is a 3.77% increase from February, which marked the first time the average price topped $500,000. And it was up 11.7% from a year earlier. These record prices are hitting the market just as the spring buying season begins to heat up.

Denver March Market Stats 

The good news is that prospective house-hunters will have more homes to choose from than in February. 6,335 new listings hit the market last month, a 36.4% jump from the new listing that came on the market in February. And buyers are out there. Some 5,674 homes were placed under contract in March, a robust 34.52% increase from February and a 4.76% increase on a year-over-year basis. Homes also sold faster in March than in February. The average days on the market was 44 in March, a 15% improvement from 51 days in February.

Denver March Market Stats

Still, there is no doubt the market still suffers from a longtime shortage of homes for sale. Currently, there is only a 1.16-month inventory of unsold homes on the market. That is a mere five weeks. There is less than a month’s inventory of homes priced from $200,000 to just below $500,000. Even the luxury market ($1 million +) has only a 5-month supply. Normally, that would be considered a balanced market between buyers and sellers. In fact, the luxury market continues to be the strongest. There were 163 luxury home sales in March, a 43% jump from February and a 20.74% increase from March 2017.

Denver March Market Stats 

“The luxury market ended the first quarter like Villanova: the big winner!” exclaimed Jill Schafer, a broker with Kentwood Real Estate and a member of the DMAR Market Trends Committee.

Denver March Market Stats 

Meanwhile, if you look at the entire first quarter data, buyers have purchased 10,577 single-family homes and condos, a 6% decline from the first three months of 2017. Because of rising prices, the sales volume of all homes was a record $4.85 billion in the first quarter, a 4.7% increase from the first quarter of 2017. With sky high prices and strong demand, this spring is a great time to list your home!

Denver March Market Stats 

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Mara Calomino

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