March 2015 Denver Real Estate Market
Statistics & Trends Report
"May you live in interesting times (Chinese proverb) certainly rings true for the current Greater Denver-area real estate market. While February experienced record-breaking amounts of snow (surpassing a 103-year-old mark) the number of active listings inched its way to a new unprecedented low of 4,079 properties. But the news is not all bad because February also ushered in a healthy dose of 4,240 new residential listings (single family and condos) which represented a 12.98% increase. Sold listings are up 4.02% and the median and average sales prices creeped up 3.96% and 5.44% respectively from the previous month. The frigid cold temps did not deter buyers from writing offers as evidenced by the 16.42% spike in properties that went under contract.
As we look at the single family home market, we saw a 15.97% spike in new listings while the average sold price increased 5.13% to $390,087 and the median price increased 2.81% to $329,000. Year-over-year (YoY), we've seen 19.30% and 17.50% increases in the average and median sales price. The condo market remains strong with 4.56% more sales than the previous month, while the average and median sales prices increased 6.99% to $246,847 and 2.70% to $190,000 respectively. Year-over-year (YoY) condo sales prices continue their upward trend with double-digit gains that pushed the average price up 14.87% and the median price up 11.83%.
Now is the time for DMAR members to educate sellers, buyers and renters on home values and the impact of the home market on the economy. As year-over-year housing prices continue to increase, home affordability is going to become a greater issue as the entry-point for first-time buyers grows higher and higher. The continuation of a strong job market in Colorado will hopefully offset the drag from an expected increase in mortgage rates this summer.
Disruption is unavoidable in real estate –
satisfaction, inefficiencies and profitability challenges await. Embrace
the consumer and take great pains to exceed their expectations. As Elliott
Eisenberg, Ph.D said at DMAR's Economic Impact event, “The Denver-area
real estate market and economy are among the strongest in the nation and
if you can’t make it here, you can’t make it anywhere!” I would encourage
my fellow DMAR REALTORS to keep consistency in the forefront. Innovate.
Meet consumer needs. Master your craft. Raise the bar.”
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The data relating to real estate for sale in this web site comes in part from
the Internet Data eXchange ("IDX") program of METROLIST, INC.
Listings held by brokers or brokerage firms or other realty firms
other than REMAX, RE/MAX or REMAX ALLIANCE are marked with the IDX
All data in this web site is deemed reliable but is not guaranteed.
All information subject to change and should be independently verified.
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