The average and median single-family home prices in Metro-Denver both set a new record high, reaching $522,277 and $440,875 respectively.
“The anticipated cooling effect of unaffordability has yet to materialize in the figures,” said Steve Danyliw, Chairman of the DMAR Market Trends Committee and Denver REALTOR®. “All in all, there are good numbers across the board with the same story line of low inventory and prices moving higher.”
In March, 6,335 new listings were added to the housing market, an increase of 36.44 percent from the month prior. That increase was slightly offset by 5,674 listings being placed under contract, demonstrating strong homebuyer activity.
According to Danyliw, “Seasonally, March signals the start of the spring selling season bringing increased buyer and seller activity. Homebuyers will see more properties available for sale, while home sellers will see increased competition from other sellers.”
Looking deeper into the numbers, active listings in the residential market (single family and condos) was at 4,619 total units in March. The number of sold listings increased by 26.74 percent compared to the previous month, and dropped 12.03 percent from last March. Year to date, 10,577 total homes have sold, down 6.03 percent from 2017. The condo market continues to see steady growth in days on market, increasing to 71 days compared to 36 days last March. The most active price segment for the single-family market continues to be $300,000 to $399,999, and $200,000 to $299,999 for condos.
Looking at the single-family home market, the average sold price increased 3.77 percent month over month to $522,277, while the median price also increased 1.03 percent to $440,875. The year-to-date average sold price hit $507,293 for the single-family home market, up 11.14 percent from last year, with the median sold price at $432,000, up 9.37 percent. The condo market continues to outperform single-family homes with the average sold price of $348,045, representing a 15.13 percent increase compared to 2017; the median price of condos sold also increased by 16.60 percent to $294,700.
Our 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, 163 homes sold and closed for $1 million or greater, up 42.98 percent month over month and up 20.74 percent year over year. The closed dollar volume in March for all luxury residential was $249,199,453, up 51 percent month over month and up 29 percent year over year.
The highest priced single-family home that sold in March was $4,975,000 representing nine bedrooms, nine bathrooms and 8,362 above ground square feet in Denver - and the listing and selling agents are DMAR members. The highest priced condo sold was $5,500,000 representing three bedrooms, four bathrooms and 5,282 above ground square feet in Boulder. The selling agent for the condo transaction is a DMAR member.
“The luxury real estate market ended the first quarter like Villanova: the big winner!” stated Jill Schafer, DMAR Market Trends Committee member and metro Denver REALTOR®.
Sales of single-family luxury homes priced over $1,000,000 were up 52 percent in March compared to February, and year-to-date luxury home sales have tripled over the past four years. At this point in 2014, there were only 121 luxury homes (single family and condos) that sold year to date compared to 381 that have sold through March of this year.
Schafer adds, “We ended March with five months of luxury inventory in the 11-county metro area. Anything under five months means sellers have the advantage. Broomfield and Denver counties have the slimmest pickings with three months or less of inventory. However, luxury homebuyers have plenty of choices in Douglas, Weld, Jefferson and Elbert counties where there’s between 7.5 and 14 months of inventory. Clearly, it’s all about where you take your shot when trying to score a deal in the luxury market.”
Notably, similarly to the Luxury Market, the Signature Market and Premier Market both experienced a significant increase in the number of homes sold year to date compared to 2017, up 29 percent and 21 percent respectively.