DMAR Real Estate Market Trends Report | APR. '16
Spring has sprung – Denver-area real estate market bursting with activity for the entire residential market last month. The total sales volume is up 11.93 percent year to date to $3.87 billion.
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.
“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.”
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.
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 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.
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