In March, the number of new residential listings (single-family and condos) was up 21.75 percent from February, and buyers liked what they saw, with the number of homes going under contract increasing 27.39 percent from the month prior, an increase of 4.27 percent year over year.
“When more homes go under contract than come on the market, it begins to chip away at the surplus inventory that built up in the last half of 2018,” said Jill Schafer, Chair of the DMAR Market Trends Committee and Metro Denver REALTOR®. “While buyers are starting to push back on sellers’ list prices, they still have to put their best foot forward because, comparatively speaking, there’s not a lot of inventory to choose from.”
According to Schafer, while it’s not likely that Denver real estate will be in for another record-breaking spring and summer, things won’t be slowing down much either, as the number of agents still searching for something to meet their buyer’s needs is reflected in the low months of inventory. The market under $1 million is still very much a seller’s market, and the market over $1 million is almost equal between buyers and sellers, with 5.16 months of single-family inventory, and 5.59 months of attached-home inventory. “At this point, buyers still do not have the upper hand in any price range,” adds Schafer.
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), Premier Market Report (properties sold between $500,000 and $749,999) and Classic Market (properties sold between $300,000 and $499,999). In March 2019, 169 homes sold and closed for $1 million or greater – which is up 30 percent from February, but down 9.14 percent year over year. The closed dollar volume in the luxury segment was $262,491,476, up 31.79 percent from February, but down 7.12 percent year over year.
“March is certainly out like a lion, and the Luxury Market is primed for a strong spring season,” said Libby Levinson, DMAR Market Trends Committee member and metro Denver REALTOR®. “The average days on market for detached single-family homes dropped to 50 in March, from to 82 last month and 75 this time last year. With this type of activity, it’s no surprise that the close to list price ratio is still holding strong at 97.72 percent.”
The highest priced single-family home that sold in March was $4.5 million representing six bedrooms, seven bathrooms and 5,968 above ground square feet in Boulder. The highest priced condo sale was $4.1 million representing three bedrooms, four bathrooms and 4,723 above ground square feet in downtown Denver.
Thank you to our partners at the Denver Metro Association of Realtors for compiling this information. 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 2, 2019) and interpreted by DMAR.