Denver Metro Real Estate Market Sees Early Start to Selling Season
DENVER – April 18, 2014 – Denver metro area real estate sales picked up significantly in March as buyers got a head start on the selling season.
Sales of residential properties were up 31 percent for March 2014, with an average price of $310,992, up 5% over February. Under contracts also showed strong gains rising by 34 percent, month over month.
Additionally, homes spent less time on the market in March, with the average listing lasting just 47 days, an 8 percent decrease from February.
“We’re seeing buyers and sellers moving early this year,” said Kirby Slunaker, President and CEO of Metrolist, Inc. “Fortunately, while the market is moving quickly, there’s an increasing inflow of new listings, which is a positive sign for buyers.”
Compared to last year, the number of active listings in March was up 21 percent. March home sales were down 13 percent, year over year, and the number of listings under contract decreased by 6 percent.
Prices, however, are higher compared to last year. The average single-family home sold for $310,992 in March, up 5 percent from February 2014 and a 5 percent increase from March of last year.
“We continue to see tight inventories—maintaining a supply of just 7 to 8 weeks—which was often a challenge for buyers and sellers last year,” Slunaker said. “We expect more listings to come on the market as we get closer to spring, but we may also see increases in average price as inventories remain tight.”
Before entering the market, buyers and sellers can get free access to up-to-the-minute housing information throughout the state of Colorado at REcolorado.com. The website offers advanced search features and filters for price and location, as well as home values and scheduled open houses. This comprehensive local resource enables both buyers and sellers to enter the housing market well informed.
Metrolist is the largest MLS in the state of Colorado, supporting the largest network of Realtors® with the most comprehensive database of real property listings throughout the Front Range. Realtor-owned since 1984, Metrolist provides leading technology solutions to real estate agents and brokers to better serve buyers and sellers.