The latest Denver Metro housing market statistics from REcolorado show the market held steady in March. With every day changing, in spite of all the uncertainties, the month of March was strong as a whole. While 625 homes were removed from the market throughout the month, Sellers brought 6,693 New Listings of homes for sale to the market, a year-over-year increase of 7%. The number of closed listings in the Metro area was also up 2% YoY to 4,63. Home prices continue to appreciate in March. The average closed price was 7% higher than last year at this time, at $513,691. Overall March had its fair share of ups and downs but the real estate market maintained its continued strength.
In the Denver Metro Area this March, 4,631 homes closed, a year-over-year increase of 2%. As compared to last month, sales saw a seasonal 21% increase. In March, the count of listings in Pending status was 4,901, which is 7% higher than last month, but down 9% from March 2019.
Homes Closed Year-Over-Year Change:
March 2019 -- 4,528
March 2020 -- 4,631
In March, the average price of a home in the Denver metro area was $513,691, a year-over-year increase of 7% and up 6% from last month. Single-family residences sold for an average price of $567,623, up 7% year over year. The price of multi-family/condos/townhomes was also up 7% from March 2019, at an average of $386,113.
Average Closed Prices Year-Over-Year Change:
March 2019 -- $478,535
March 2020 -- $513,691
Throughout the month, sellers brought 6,693 new listings to the market, up 7% compared to last year, and a 31% increase from last month. The count of active listings of homes for sale at the end of March was 6,372, 1% higher than last year and 34% higher than the end of last month. We currently have 6 weeks of inventory, unchanged from both last month and last year.
New Listings Year-Over-Year Change:
March 2019 -- 6,244
March 2020 -- 6,693
Days in MLS
In March, homes spent an average of 30 days on the market, 2 days less than this time last year, and 8 days less than last month. On average, single-family residences were on the market 29 days, while multi-family/condos/townhomes were on the market 32 days. The median number of days a home spent on the market in March was 7, 3 days less than this time last year.
Days on Market Year-Over-Year Change:
March 2019 -- 32
March 2020 -- 30
- 2 days
Year to Date
Year-to-date data indicates the first quarter of 2020 was on par with 2019 at this time. The count for closed listings is 7% higher than last year’s year-to-date figures and average price of those listings is up 6%. The number of new listings that came on the market is up 4%. On average, homes spent the same amount of time on the market as they did at this point in 2019.
Thinking about buying or selling a home?
If you're considering buying and or selling home this year, an experienced real estate agent can help you navigate market conditions, see new home listings as soon as they hit the market, negotiate an offer based on the true value of the home, and more! Contact me today, your local REALTOR® about housing market trends in your area.