The Denver real estate market saw an uptick in everything this past month and definitely into the Spring buying season full speed ahead! Luckily we saw an increase in new listings (but still not enough) along with the sold and under contract properties!
Personally I saw very brisk activity on every listing I put on the market in the first day, if the home was priced under $500,000, most seeing multiple offers and over list price in the first weekend on the market. The following data is courtesy of Joan Cox - Metro Brokers - House to Home, Inc.
Denver saw a nice increase in new listings for the month of March, now that we are actually in Spring. Even though we are now seeing the snowstorms rolling through Denver more frequently than earlier this year. The under contract listings saw a definite increase over the month of February and sold properties saw a dramatic increase from last month. The Days on Market saw a decrease, which we see this time of year to 26 days, remaining a strong Seller's Market. (this includes land, attached properties, single family homes and up to the mega million dollar homes)
See what homes are currently available - Active Homes for sale in Denver
New Listings - 6,334 - up from 4,630 last month (in 2017 it was 6,815)
Under Contracts - 6,207 - up from 4,782 last month (in 2017 it was 6,214)
Sold Listings - 4,497 - up from 3,218 last month (in 2017 it was 4,254)
Days on Market - 26 days, down from 31 days last month (in 2017 it was 28 days)
Average Sold Prices - $469,517 - up from $453,606 last month (in 2017 it was $425,922)
Percent of Sold Price to List Price - 100.6%, up from 100% last month
Buyers - inventory increased this month, although still not enough for supply and demand, as we are seeing many homes garnering multiple offers. With such nice weather, many buyers were out early this year and about searching for their next home. The price range between $300,000 and $500,000 has been the “sweet spot” and these homes are the ones garnering the most showings and offers.
Sellers - We need more listings priced below $500,000. Pricing your home is very important, even with low inventory. If you don't have showings, you won't see an offer! If you are thinking of selling, but worried you won’t find a replacement home, put into MLS the fact you require a contingency of a replacement home.
Pricing a home is very important in this current market, and here is a chart showing how our median prices have shifted over the last few years.
Here is a chart showing when the Sellers are getting closest to their list price. Depending on what time of year you list, pricing is strategic.
Denver’s unemployment rate is still very low - at 3.2%. Still very low comparing to the national average of 4.1% in January. Colorado’s population is 5.557 million, with the Denver metro area seeing 3.075 million and Denver proper is 683,096. Denver has outpaced most large cities across the Country and expect to see by 2020 a population of over 3.3 million. We are seeing many corporations relocating their headquarters or putting in a hub into the Denver metro area, creating job growth. Our state government is working hard on affordable housing issues for both the elderly and first time home buyers, with so many relocating into the Denver metro area. If our traffic issues would decrease, we could retain more of our residents. It can be quite frustrating.
Homeowners - if you have thought about selling and like like a home evaluation, please let me know, I will contact you right away. Relocating to Denver, and need some advice - see my Relocating to Denver information.