The March housing report for Denver Metro report shows increases across most major indicators, signaling the start of what is shaping up to be a very active and competitive selling season.
March brought 6,247 new listings to the market, a 38 percent increase as compared to last month, and three percent more than this time last year. However, new listings did little to ease the inventory crunch. In March, there were 5,166 active listings on the market, a two percent increase over last month and 24 percent less than March of 2014.
“The Denver area’s tremendous growth, strong economy, and low unemployment rate, along with interest rates that are remaining near historic lows, are keeping demand for housing very strong in our market,” said Kirby Slunaker, president and CEO of REcolorado. “We saw an impressive number of new listings come on the market in March, which was a welcome sign as we kick off the 2015 buying and selling season.”
Eager home buyers quickly scooped up the active inventory and, in the process, sent home sales soaring. In March, 4,140 homes sold, a 46 percent month-over-month increase and one percent higher than compared to this time last year.
The continued demand for homes, coupled with low inventory levels brought an increase in average sold prices. In March, the average price for a single family home increased $9,784 or three percent in one month. Average sold price is up 15 percent as compared to this time last year.
Denver’s competitive housing market brought another month where the sales cycle was extremely fast. In March, homes spent an average of just 33 days on market, six days shorter than last month and 14 days fewer than March 2014.
Source: REcolorado.com – April 5, 2015 The above representation for Single Family and Condo includes real estate activity in the counties of Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert, and Jefferson.
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