DMAR Market Highlights:
- Metro Denver is still a seller’s market, but increased housing inventory means improved conditions for homebuyers
- Number of new residential listings (single-family and condos) was up 21.75% from February.
- Number of homes going under contract increased 27.39 percent from the month prior, an increase of 4.27 percent year over year.
- It’s not likely that Denver real estate will be in for another record-breaking spring and summer… but things won’t be slowing down much either.
- The market under $1 million is still very much a seller’s market.
- The market over $1 million is almost equal between buyers and sellers, with 5.16 months of single-family inventory, and 5.59 months of attached-home inventory.
- The highest priced single-family home that sold in March was $4.5 million representing six bedrooms, seven bathrooms and 5,968 above ground square feet in Boulder.
- The highest priced condo sale was $4.1 million representing three bedrooms, four bathrooms and 4,723 above ground square feet in downtown Denver.
Source: Denver Metro Real Estate Market Trends Report, April 2019, by the Denver Metro Association of REALTORS®.
Metro Denver Market Review by Megan Aller
“Denver is experiencing a delay of new listing inventory, in fact we have fewer listings available in the detached market than we did just one year ago- coupled with more units under contract than one year ago means that prices are on the rise-again!
“While we are still waiting for our housing stock to show up for detached homes, for the first time in 6 years we have increased supply available to the demand that has been snow-balling. Pent up buyer demand is now being serviced by the first actual wave of new units to enter the market since the modification to Builder Defect Law. Demand isn’t pacing as quickly as inventory, so prices are not rising as high, as fast in 2019. Don’t be fooled, it’s still an extreme seller’s market- albeit a slightly less severe version of where Denver was in previous years of this cycle.
Here are the highlights:
- Listing count did not pick up in March. Detached homes units for sale remain near historic lows with 3,587 units for sale. While DSF units are down -0.6% from the same month one year ago, units under contract are up 2.2% maintaining year 7 of Denver’s Extreme Seller’s Market.
- Days on market were down to 32 average days to contract, or 10 median days to contract. Both metrics continue to decline at a similar pace as previous years in this cycle. (2013-2018)
- It is typical to see home prices increase beginning in February through June, this year March’s average price came in at $517,676 a 2.2% change, but median price reported a large gain to $445,000 which makes up for the slight loss reported from the previous month. This represents a 4.2% gain from February to March.
- Close to list price ratio up again in March up to 99.3%. Original to Sold price ratio also continued to gain up to 98.2%. Both metrics are likely to climb until approximately July.
- Flash sales, or units under contract in the first weekend were up in March to 45.4%, this measurement picked up early in 2019, by spring we could be seeing as high as 55-60%.
- 54.1% of homes closed in March sold for at or over their asking price. This metric is also anticipated to rise through June.
- Actives up again in March 2019 to 1,768 units for sale. This represents a 32% increase over the same month one year ago. Contracts written are also up, but only by 9.7% which means more options for buyers.
- Days on market began their steep ascent into spring with 29 average days to contract or 11 median days to contract in March.
- Average sold price with a typical bump going into March up 2.2% to $351,665 and median sold price up by 2.5% to $299,950.
- Close to list price ratios up to 99.3% of the last asking price. This metric demonstrated negotiating power for buyers, which is quickly disappearing as we enter spring.
- Flash sales, or units under contract in the first weekend with a big gain to 42%. Units under contract in the first 7 days will escalate into the spring.
- 56% of homes sold in March sold for at or over their asking price.
Related Denver real estate news headlines:
- Denver-metro housing market springs to life in March. Home sales rebound after a sluggish winter.
- Frustrated Colorado renters seek more control from state, but would proposed regulations bring down housing prices?
- Property values take another leap higher across metro Denver
- In Denver housing market, what was hot is now cold.
- New Census data: See how Denver’s population growth compares to other large metros
- Denver bumps Colorado Springs on US News’ 2019 ‘Best Places to Live’
- Home inventory on the rise in metro Denver as buyers push back on sellers’ list prices
- Denver’s housing market shifting toward buyer, but remains ‘very hot’
And that concludes this month’s Denver Real estate market update
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