Marching Forward To A Even Market
According to the latest market statistics from REcolorado, the Denver Metro market experienced a 7% decrease in home sales as compared to this time last year, but a month-over-month increase of 27%, signaling the busy buying and selling season is underway. Contracts were put in place on 5,736 homes in March, up 6% from last year and 29% higher than last month.
Sellers brought more new listings of homes for sale to the market in March, giving home shoppers more selection. Throughout the month, 6,248 listings hit the market, an increase of 23% compared to last month. The count of active listings of homes for sale at the end of March was 6,269, 7% higher than the end of last month and 36% higher than last year
Housing Market Trends in Denver
Home prices continue their steady climb up, though with less dramatic year-over-year rises. Average sold prices were up across the board, both month over month and year over year, for both condos/townhomes and detached single-family homes.
Despite fewer home sales compared to this time last year, more home went under contract with a 6% year-over-year increase. On average, homes spent 48 days on the market with a median of only 11 days.
Competition for Many Homebuyers
The $300-500,000 price range continues to be the most competitive, with fewest days on market and most activity. Nearly half of all new listings (45%) and sales (51%) fall in this price range.
Because many first-time homeowners fall into this price range, it is even more important to work with an experienced local real estate agent. Your REALTOR® can set up searches to find your dream home as soon as it hits the market. Then, they’ll assist you throughout the home buying process – from making a competitive offer all the way to the closing table – to make real estate simple.
