PRESS RELEASE - April 2016 : Denver Real Estate Market Statistics - Colorado Housing MLS Statistics & Market Indicators by Denver Metro Association of REALTORS (DMAR), RECOLORADO.com, Colorado Association of REALTORS

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Denver Metro Real Estate Market Statistics & Trends Reports

For Immediate Release

Spring has Sprung – Denver-area Real Estate Market Bursting with Activity
More Homes on the Market with a 13% Increase in Inventory in March

DENVER – April 2, 2016 – Denver Metro Association of REALTORS® (DMAR) - an organization comprised of over 6,000 real estate professionals and The Voice of Real Estate® in the Denver metro area - released its April Denver Metro Real Estate Market Trends Report today. For the entire residential market last month, active listings, new listings, homes under contract, and homes sold showed double-digit month-over-month (MOM) gains. The total sales volume is up 11.93 percent year to date to $3.87 billion.

“Spring has sprung and the Denver-area is bursting with activity,” said Anthony Rael, Chairman of the DMAR Market Trends Committee and Denver real estate agent. “I’m quite certain homebuyers and my fellow REALTORS® are growing tired of hearing about our lack of housing inventory, so it’s with great pleasure that I share that this month’s market trends report is filled with an abundance of positive news.”

Active housing inventory saw a 13 percent increase MOM in March to 4,482, which is significant considering Metro Denver reached the lowest inventory mark on record in February.

Digging into the numbers, for the entire residential market (attached and detached properties), 5,706 new listings came on the market (+33.63 percent), 4,720 homes were placed under contract (+13.71 percent) and 4,053 homes sold and closed (+27.69 percent). March closed out with 4,482 active listings – representing a 13.10 percent increase in inventory over the previous month and nine percent over the previous year. Average and median sold prices edged up again from the previous month with gains of 4.92 percent to $393,684 and 4.86 percent to $345,000 respectively.

For the detached single-family home market, month over month, new listings skyrocketed to 4,147 - which represents a 36 percent increase. Average and median sold prices bumped up from the previous month with increases of 5.08 percent to $435,796 and 5.33 percent to $379,173 respectively. The condo market showed the supply of new listings skyrocketed 28 percent to 1,559 units over the previous month, while the average and median sold prices also showed slight increases of 1.41 percent to $287,249 and 3.32 percent to $234,900.

DMAR’s monthly report also includes statistics and analyses in its supplemental “Luxury Market Report” (properties sold for $1 million or greater), “Signature Market Report” (properties sold between $750,000 and $999,999) and “Premier Market Report” (properties sold between $500,000 and $749,999). In March 80 homes sold and closed for $1 million or greater – up 14.3 percent from the previous month and down 1.23 percent year over year. The closed dollar volume last month in the luxury segment was $122,175,600, up nine percent from the previous month and up 2.4 percent year over year.

The sale of single-family homes in the Premiere Market has been ascending swiftly with 78 percent more sold in March than February. Year-to-date, there has been a 19.4 percent increase in the number of homes sold in this segment compared to last year, and a 67 percent increase from 2014. Home sellers went under contract faster with the days on market down nearly 21 percent from February. The condo market in this price range has been on a blazing trail with no signs of faltering, with the number sold in March up 81.6 percent from February and up 109 percent year to date compared to 2014.

In the Signature Market, the situation continues to be competitive. The number of single-family homes sold last month increased 78 percent from February, a 15 percent increase year over year. The number of homes sold was up more than 19 percent year to date over 2015, and up 66 percent over 2014. The number of days on the market in March was down more than 26 percent from February in this sector. The most significant statistical change in this price range was the number of condos sold so far this year compared to 2014 – up nearly 189 percent.

In the Luxury Market, the single-family inventory is shrinking following a 19.67 percent increase in sales year to date compared to 2015. “The close-out of 250 Columbine, the luxury condo complex in Cherry Creek North, impacted condo sales numbers in March, but overall they’re still up a massive 160 percent year to date with double the number of sales from 2014,” states Jill Schafer, DMAR Market Trends Committee member and Denver real estate agent. “The average price per square foot year to date jumped from $474 two years ago – to $607 so far this year.”

The highest priced single family home sold in March was $5,300,000 representing six bedrooms, 11 bathrooms and 13,455 above ground square feet in Cherry Hills Village. The highest priced condo sold was $1,680,000 representing four bedrooms, six bathrooms and 3,243 above ground square feet in Denver. The listing and selling agents for both transactions are DMAR members.

The DMAR Market Trends Committee releases reports monthly, highlighting important trends and market activity emerging across the Denver metropolitan area. Reports include data for Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park counties. Data for the report was sourced from REcolorado® (April 3, 2016) and interpreted by DMAR. To view the Denver Metro Market Update, please click here.

For more information, please visit dmarealtors.com. Follow the latest updates from the Denver Metro Association of REALTORS® on Twitter (@DMARealtors using #dmarstats), Facebook and Google+.

About Denver Metro Association of REALTORS®
Denver Metro Association of REALTORS® (DMAR), The Voice of Real Estate® in the Denver metro area, is a membership-based organization comprised of over 6,000 real estate professionals in the Denver metropolitan area. The association offers continuing education, advocacy for the real estate community and is a resource for industry news and market statistics. DMAR produces a monthly market trends report which provides trends, analysis, and insights to data sourced by REcolorado® for the Denver-area housing market. For more information, visit www.dmarealtors.com or call (303) 756-0553.

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Media Contact:
Andrea Kalmanovitz
Decibel Blue Creative Marketing & PR
On Behalf of the Denver Metro Association of REALTORS®
O: 303-242-5855
C: 602-980-2040
andrea@decibelblue.com

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Anthony Rael serves as Chairman of the Denver Real Estate Market Trends Committee on behalf of the Denver Metro Association of Realtors (DMAR). DMAR's goal is to provide timely, consistent and relevant market statistics reports for our 6,000 REALTOR members as well as helping educate the general public on current market conditions. In addition to providing MLS trends and raw statistics for the 11-county area, our real estate reports include expert insight and analysis into the greater Denver real estate market - making it the most comprehensive report available - both locally and nationally. Anthony Rael also serves as a media spokesman for the Denver Region on behalf of the Colorado Association of Realtors (CAR). CAR publishes Denver Metro Region Housing Statistics & Market Trends as well as Colorado Statewide Housing Statistics & Trends. If you ever want to talk about the Denver Real Estate Market, you are welcome to contact Anthony Rael at 303-520-3179 anytime. Have a blessed day!

Denver Metro Association of REALTORS®
The Voice of Real Estate® in the Denver metro area

Read: April 2016 Denver Real Estate Market Statistics & Trends Report

Read: April 2016 Denver Real Estate Market Statistics & Trends Report

NOTES:
MLS stats are tracked in arears, so the published report is for the previous month-end activity
The DMAR 'Premier Market' is defined as $500,000 to $749,999
The DMAR 'Signature Market' is defined as $750,000 to $999,999
The DMAR 'Luxury Market' is defined as $1,000,000 and over
11-Counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson & Park
Research: Denver Metro Association of REALTORS® Market Trends Committee
Source of MLS Data: REColorado.com

Colorado Association of REALTORS® - City & County Housing Reports

Denver City, County & Regional Housing Reports - September 2015

NOTES:
MLS stats are tracked in arears, so the published report is for the previous month-end MLS activity
The Denver Region Report includes the 6-County areas of Adams, Arapahoe, Broomfield, Denver, Douglas & Jefferson
The City Reports includes the Arvada, Brighton, Denver, Highlands Ranch, Lakewood, Thornton, Westminster
Powered by 10K Research and Marketing for the Colorado Association of REALTORS® (CAR)
Source of MLS Data: REColorado.com

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What are New Listings?
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What is Pending/Under Contract?
What are Days on Market?
What is the Affordable Housing Index?
What are Months Supply of Listings?

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