Historically the market tends to always see a jump in inventory from February to March; however, this year in Denver we saw a bigger bump than anticipated.
A monthly report released by the Denver Metro Association of Realtors indicated the number of new listings for single-family homes in metro Denver jumped 53.5 percent in March from February and the number of new listings for condos increased 38.2 percent month over month. This housing surge comes just after the number of homes available for sale reached a 32-year low at the end of February, 2017.
According to DMAR, under normal circumstances, a 50 percent-plus surge in listings in one month would raise flood warnings; however, buyers snatched up many of the new listings, especially on the lower end of the market, nearly as soon as they arrived. The number of single-family home sales jumped 39.9 percent month-over-month, while the number of condo sales spiked 27.3 percent.
The report also indicated the number of average days that listings spent on the market fell from 43 in February to 39 in March, but half of new listings in March were under contract within eight days.
Unfortunately, the increase in supply did nothing to suppress demand. According to DMAR’s data, the average price of a single-family home sold in March rose 4.9 percent month-over-month and 8.4 percent year-over-year to $468,889. The price of a median home sale was $406,000, up 2.8 percent from February and 7.9 percent from a year earlier.
Since 2003, Metrowest Real Estate Services has been Denver’s premiere resource for residential, foreclosure, REO and investment real estate. When helping you buy or sell, our mission is to provide excellent customer service to our corporate and individual clients by ensuring that our agents exceed all standards for market knowledge, professionalism, and client support. Whether you are a high volume investor or a first time homebuyer, our team at Metrowest can help you realize your real estate goals! Metrowest is your Denver Colorado Real Estate Team. We specialize in helping you get the most of your sale, purchase or investment.
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