Is Denver’s Housing Market Slowing Down?
The housing market in the Greater Denver Metro Area is picking up speed as we head into April. Spring and summer are typically the busy seasons for home buying and selling in Colorado. Comparing the housing market statistics from March to February shows a seasonal increase in activity.
However, March 2018 shows some decreases compared to the same time last year. Both home sales and new listings dropped slightly compared to March 2017 levels. March ended with 4,593 active listings of homes for sale, up 10% from last month, but down 7% year-over-year.
Home prices continue a steady climb upwards. The price of a single-family detached home remained above the half-million dollar mark for the second month in a row, reaching $520,963 in March. Colorado home buyers can’t relax yet. Homes continue to sell very quickly, with median days on market of only 6 days.
How Can Home Buyers Keep Up?
If you’re in the market for a new home, first, connect with an experienced, full-time REALTOR®. Next, ask them to set you up in their MLS home search website. Savvy buyers will want to be the first to know and be ready to act fast when the home they want comes on the market. With custom search tools, Denver-specific search criteria, and email property alerts, the Bandy Team’s website can let metro Denver home buyers know within minutes when a new home that fits their needs comes on the market.
Is Now the Best Time to Sell your Home?
If you’re considering selling your home, first, connect with an experienced, full-time REALTOR®. Your real estate agent can help you understand the current market conditions and the potential value of your Denver area home. With local expertise and industry experience, they can help you determine what steps are necessary to sell your home.
View the March 2018 REcolorado Market Watch Video.
Download the March 2018 REcolorado Market Watch Infographic.
Housing Market Statistics for February 2018
During the month of March, 4,505 homes sold, down 6% from last year, but up 35% from February. Year to date, sales are just 3% lower than 2017 figures.
In addition to strong home sales, March saw a lift in the number of homes going under contract. Throughout the month, contracts were placed on 5,703 homes, a 35% increase from last month.
Home Sales Year-Over-Year Change
March 2017 -- 4,789
March 2018 -- 4,505
The average price of a single family home reached $469,613 in March, a year-over-year increase of 11% and 3% higher than last month.
The price of a single-family detached home remained well above the half-million dollar mark, reaching $520,963. Sold prices for condos/townhomes reached $350,240, up 11% from last year.
Sold Prices Year-Over-Year Change
March 2017 -- $424,364
March 2018 -- $469,613
New and Active Listings
As compared to last year at this time, the number of new listings brought to the market decreased 7%. Ongoing demand from buyers continues to keep inventory low across the Greater Denver Metro area. March ended with 4,593 active listings of homes for sale, up 10% from last month, but down 7% year over year.
New Listings Year-Over-Year Change
March 2017 -- 6,823
March 2018 -- 6,356
Average Days on Market
On average, homes spent 46 days on the market in March, 6 days longer than March of 2017 and 6 days less than last month. In March, condos/townhomes sold in an average of 75 days, while single-family detached homes sold in an average of 34 days. Homes priced in the $200-300,000 range sold the quickest, in just 13 days, 6 days less than last month. Median Days on Market was unchanged from last year, at 6 days.
Days on Market Year-Over-Year Change
March 2017 -- 40 days
March 2018 -- 46 days
+ 6 days
The Greater Denver Metro Market by Price Range
Demand remained strong across all price ranges in March, with 71% of new listings that came on the market resulting in a sale. The market saw the most activity from homes priced in the $300,000 to $500,000 price ranges, with 46% of new listings coming on the market and 49% of sales.
If you have any real estate questions, feel free to contact your Parker real estate experts, The Bandy Team! Let us show you some great homes in Parker, including real estate in Canterberry, properties in The Pinery, or homes in Stonegate.
We are here to help you find your dream home and will guide you every step of the way!
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Until next time,
Marianne Bandy, Team Leader
The Bandy Team - EXP Realty
DenverHomeSearcher.com - Denver Real Estate & Homes
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