March 2018 Housing Market Statistics
The latest data from REcolorado show that demand from home buyers remains strong in the Greater Metro Denver Area. Housing market statistics increased month-over-month, indicating the start of the home buying and selling season in Colorado.
During the month of March, 4,505 homes sold, down 6% from last year, but up 35% from February. Year to date, sales are just 3% lower than 2017 figures.
In addition to strong home sales, March saw a lift in the number of homes going under contract. Throughout the month, contracts were placed on 5,703 homes, a 35% increase from last month.
Home Sales Year-Over-Year Change
March 2017 -- 4,789
The average price of a single family home reached $469,613 in March, a year-over-year increase of 11% and 3% higher than last month.
The price of a single-family detached home remained well above the half-million dollar mark, reaching $520,963. Sold prices for condos/townhomes reached $350,240, up 11% from last year.
Sold Prices Year-Over-Year Change
March 2017 -- $424,364
New and Active Listings
As compared to last year at this time, the number of new listings brought to the market decreased 7%. Ongoing demand from buyers continues to keep inventory in check across the Greater Denver Metro area. March ended with 4,593 active listings of homes for sale, up 10% from last month, but down 7% year over year.
New Listings Year-Over-Year Change
March 2017 -- 6,823
Average Days on Market
On average, homes spent 46 days on the market in March, 6 days longer than March of 2017 and 6 days less than last month.
In March, condos/townhomes sold in an average of 75 days, while single-family detached homes sold in an average of 34 days. Homes priced in the $200-300,000 range sold the quickest, in just 13 days, 6 days less than last month.
Median Days on Market was unchanged from last year, at 6 days.
Days on Market Year-Over-Year Change
March 2017 -- 40 days
The Greater Denver Metro Market by Price Range
Demand remained strong across all price ranges in March, with 71% of new listings that came on the market resulting in a sale. The market saw the most activity from homes priced in the $300,000 to $500,000 price ranges, with 46% of new listings coming on the market and 49% of sales.