Denver Real Estate Market Update – March 2018
The temperatures in Denver have been unseasonably warm and the real estate market is HOT! February was another record breaking month.
We saw some records broken in both December and January. But both month those records were in relation to the housing inventory shortage in Denver. This month’s record is different. In February the average sales price of a detached single family home in the Denver area hit an all time high and topped the half million dollar mark at $502,986.
In February attached homes, condos and town homes, came in with an average sales price of $345,632.
Let’s take a quick look at median home prices since averages are a bit higher. The median sales price of a single family detached home in the Denver area came in at $435,000 for February and $296,000 for attached homes.
Inventory saw a bit of relief in February. Active listings are up about 5.5% over January and nearly the same up over February of 2017. There were 4,638 new listings in February and 4,399 homes went under contract. So as you can see, even with the increase in inventory, it is still very tight.
Average days on the market for a single family detached home in February was 40 days. Attached homes in Denver are taking significantly longer to sell with an average days on the market of 72. These numbers may surprise you since stories float around about so many homes selling in just days. Yes, we still do see many homes selling over the weekend. But sellers still need to make sure their homes are priced right. Even homes in a competitive price range must be priced right or they will not sell quickly and may require price drops before offers are received.
The Denver real estate market is still very much a seller’s market. I believe 2018 will look very much like it has in recent years with rising prices and a shortage in inventory.
Planning to buy or sell a home in the Denver area this year. Contact Courtney Murphy for all of your real estate needs. Courtney is a Denver area Realtor serving Castle Rock, Highlands Ranch, Parker, Aurora, Centennial, Littleton and beyond.
