Residential Active Inventory in Denver is down slightly from January of this year (-2.78%) as well as from the same period last year (-2.14%) with only 3,878 homes on the market. This is especially noteworthy as this is an all-time low for any month on record! The good news? Condo inventory is up by nearly 20% year-over-year at 960 units.
Home sales have dropped significantly from January of this year, with a decrease of around 7% for condos and more than 14% for single family homes. Despite the decline in sales, the average sold price is up across the board at a 7.8% jump from February 2016, coming in at $402,516. This isn’t all that surprising given that the lack of inventory is pushing the prices up due to the high demand resulting in multiple offers.
Median sold prices for residential homes are also slightly up from January 2017. They are showing a significant increase of 9.23% year-over-year, closing at $355,000.
The silver lining is that if you’re looking to sell your single family home quickly, the average number of days on the market is trending downward with a decrease of over 10% from the month prior. At the other end of the spectrum, the average number of days on the market for condos is up from February 2016.
But, if you’re interested in buying we can help! We’ve seen great results with our client’s offers being accepted in this difficult market. We’ve found properties for our clients in every price point across the city. If you are looking for a new property, we can help! Fill out our contact form or give us a call at 720-935-0412.
Note: All data has been sourced from the March Denver Metro Real Estate Market Trends Report compiled by the Denver Metro Association of Realtors and includes 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park.