Spring brings about a real estate buzz like no other Colorado season. With the temps climbing and the sun shining, the Denver real estate market has warmed up as well. In fact, the warming of the market started early this year, with February indicating a busy home market to come. 2018 could be shaping up to beat records… just like the years preceding it.
Active Inventory Driving Sellers’ Market
March saw an increase in active listings of 13% over February, but a slight decrease as compared to March of 2017. The month over month listing growth is typical of march, though the decrease since last year shows that inventory is tighter than ever.
Home Prices Continue to Climb
If you’ve been keeping up on the Denver real estate market for the past several years, you’ll be able to predict this next statement: home prices continue to climb. The average single family home clocks in at $522,277. This price tag represents a whopping 12% increase since March of last year (almost double metro Denver’s historical average).
Increased Days on Market for Attached homes
Attached homes - condos and townhomes - are experiencing rapidly growing days on market. In fact, attached homes spent 97% longer on the market than this time last year! However, this anomaly can be explained by the luxury condos cropping up across the city and beyond, adding high-priced homes to the mix… and high-priced homes almost always take longer to sell. To learn more about this statistic, read about Denver’s Condo Paradox.
Based on DMAR’s April Market report, buyers and sellers can expect another spring/summer season of records that bolster the strong sellers’ market. Denver’s popularity simply cannot be contained!