March 2019 Housing Market Statistics
A 27% month-over-month increase in home sales signals the buying and selling season is underway in the Greater Denver Metro Area.
In March, 4,393 homes sold in the 11-county Denver Metro Area, a 7% decrease from last year, but a month-over-month increase of 27%, signaling the buying and selling season is underway.Contracts were put in place on 5,736 homes in March, up 6% from last year and 29% higher than last month.
Home Sales Year-Over-Year Change
March 2018 -- 4,713
The average sold price of a home got a bump up in March to $480,007, an increase of 2% from last year and a 3% increase compared to last month.The average price of a single-family detached home was $530,381, up 1% year over year. The price of condos/townhomes was up 2% from March 2018, at an average of $360,418.
Sold Prices Year-Over-Year Change
March 2018 -- $472,055
New and Active Listings
Sellers continued to bring more new listings of homes for sale to the market in March. Throughout the month, 6,248 listings hit the market, an increase of 23% compared to last month, but down 2% year over year.
The count of active listings of homes for sale at the end of March was 6,269, 36% higher than last year and 7% higher than the end of last month.
We currently have 6 weeks of inventory, 1 week less than last month, but 2 weeks more than last year at this time.
New Listings Year-Over-Year Change
March 2018 -- 6,358
Average Days on Market
In March, homes spent an average of 48 days on the market, 1 day less than last month and 1 day more than this time last year. On average, single-family detached homes were on the market 41 days, while condos/townhomes were on the market 64 days.
The median amount of time a home spent on the market in March was 11 days, 5 days more than this time last year.
Days on Market Year-Over-Year Change
March 2018 -- 47
The Greater Denver Metro Market by Price Range
The March housing market saw the most activity in the $300 to 500,000 price ranges, with 45% of all new listings and 51% of sales. At the end of the month, 34% of all active listings were priced between $300,00 and $500,000. Homes in these ranges are in high demand, spending an average of only 40 days on the market.