Denver Real Estate Market Report April 2017
March began the Denver Real Estate Market’s typical spring upswing and April is poised to follow! Listings, prices, and contracts continue to balloon, at an even greater rate than the standard spring increase. Moving trucks can be seen on nearly every block in the most popular areas of the greater Denver area and it won’t stop there! With good news for buyers and sellers alike, April is sure to be a red-letter month for the residential real estate industry.
A rise in new listings has created a friendlier market for buyers, though buyers can still expect to face multiple offer situations. According to Live Urban Agent, Doug Yetman, “The highly competitive market is the new standard, with multiple offers keeping everyone on their toes.” Active residential listings increased 27 percent from last month and 10 percent year over year. Homes under contract increased by 36 percent and average sold price increased by 6 percent during March. March clocked in with an average sale price of residential homes at $425,607 and median at $327,500, displaying the sway held by the healthy Colorado luxury market.
The aforementioned market growth is typical of the swing into real estate’s peak season, but is higher than the typical spring increase, historically. There have been 19 percent more residential listings placed under contract since last month, which is also a 10 percent increase over March of last year.
Despite the swell in listings and simultaneous rise in housing prices, average days on market kept pace year over year, balancing out the interests of both buyers and sellers. Interested in joining in on the growing spring fever, before peak season hits real estate this June? Take advantage of Doug Yetman’s Denver city living expertise for your upcoming buying or selling needs.