The Denver real estate market saw a dramatic uptick in inventory this past month, which is pretty similar to what we saw in 2018 for these two months. The sales were up 5.6% over last year's sales. The total inventory has increased (although not as much as new listing), but we are seeing some going under contract fairly quickly, especially in the lower price points. The days on market changed from last month identifying the buyers are out again. Last month the days on market creeped up to 39 days, and dropped back to 32 for the month of March. Hopefully we are done seeing the frequent snowstorms for the season, and will see a better spring buying season.
The drop in interest rate did spur on sales, which is good, as it was much slower starting the new year versus past years. The following data is courtesy of Joan Cox - House to Home, Inc.
Denver saw an increase in active listings however we have 2.3% less new listings than we did this time in 2018. The under contract listings saw a slight decrease (.3%) over the month of February 2018 and sold properties saw a decrease from last year. With 32 days on market, this still indicates we are experiencing a Seller's market, just is a bit slower paced versus past years. Sellers should remember to list a home properly, as those over priced homes will sit on the 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
Stats for the Month of March 2019
New Listings - 6,198 - up from 5,095 last month (in 2018 it was 6,346)
Under Contracts - 6,186 - up from 5,077 last month (in 2018 it was 6,206)
Sold Listings - 4,392 - up from 3,388 last month (in 2018 it was 4,653)
Days on Market - 32 days - down from 39 days last month (in 2018 it was 26 days)
Average Sold Price - $480,023 - up from $464,398 last month (in 2018 it was $468,815)
Percent of Sold Price to List Price - 99.4%, up from 99.1% last month
Buyers - inventory increased this month, giving Buyers more inventory now to view before making a final decision. There are times you even can think about a purchase overnight, and not "lose the bid". With the Interest rate reduction, buyers are thinking this is a good time to buy a home, and seeing increased activity.
Sellers - Pricing your home is very important, and not start too high, or you will be sitting on the listing for a while. 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, I can enter into MLS the fact you require a contingency of a replacement home.
Denver’s unemployment rate has been slowly increasing and currently at 4.1% for January. First time to experience higher than the national average of 4.1% in February. 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. Lockhead Martin announced they are hiring many more employees. See who else is adding employees. 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. I recently got a first time buyer into an affordable housing development at a lower price than found elsewhere in the City. The builder was offering first-responders a fabulous deal!
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.