2017 Denver Metro Home Buying and Selling Season Starts Strong
Greenwood Village, CO – April 13, 2017 – According to the latest data from REcolorado, the provider of REcolorado.com, the most popular, locally run home search site for Colorado home buyers, sellers and renters, the inventory of available homes for sale in the Denver Metro Area increased by 12 percent as compared to last month, while home sales saw a 42 percent month-over-month increase, signaling the 2017 home buying and selling season is in full swing.
Brought on by an influx of new listings that were added to the market, inventory of available homes for sale saw a significant boost in March. At the end of the month, 4,937 homes were on the market, a 12 percent increase compared to last month and ten percent higher than this time last year.
Throughout March, 6,824 new listings of homes for sale came on the market: 4,997 detached single family and 1,827 condos/townhomes. A county-by-county breakdown of new listings shows 94 percent of the new Denver Metro area listings were added in Adams, Arapahoe, Denver, Douglas, and Jefferson counties.
Home buyers anxiously scooped up new inventory as quickly as it came on the market, pushing home sales up. Homes spent an average of 39 days on the market in March, which is four days less than last month and unchanged from last year. Throughout the month, 4,553 homes sold, a 42 percent increase over last month and six percent higher than last year.
Continued strong demand resulted in the supply of inventory decreasing to just 5 weeks.
After remaining relatively unchanged over the last several months, home values jumped up in March, with the average sold price of a single-family home reaching $425,268, an increase of six percent month over month and nine percent year over year. In March, the average price for a single family detached home was $469,206, up nine percent as compared to last year. The average price of a condo/townhome was $315,677, a year-over-year increase of ten percent.