Denver Real Estate Market Report for March 2018
The average price of a home sold in Denver and its 10 surrounding counties, which set records by surpassing $500,000 in February, went up another 3.8 percent in March to $522,277.
The average sold price in March 2018 rose 10.9% percent from the average price in March 2017. Active inventory went up 13.1 percent from last month (DMAR). See below for our full report for March 2018 and please let us know if you have any questions. We email this market infographic report on the Denver Real Estate Market out each month. To get on that email list, please reach out to marketing@usajrealtystg.wpenginepowered.com and request to be added!
Key Takeaways for March 2018 via DMAR for Metro Denver:
- Active Inventory was up from last month’s at 4,619
- Up from February 2018 Active Listings at 4,084
- January 2018 Active Listings: 3,869
- December 2017 Active Listings: 3,854
- November 2017 Active Listing: 5,131
- October 2017 Active Listing: 6,312
- September 2017 Active Listings: 7,586
- August 2017 Active Listings: 7,360
- Median Sales Price for a condo in Metro Denver in March 2018 was $295,000
- February’s was a tad higher at $296,000
- January 2018 was $285,000
- December 2017 at: $285,000
- November 2017: $272,000
- October 2017: $275,000
- September 2017: $268,000
- August’s $275,000
- July’s $270,100
- Median Sales Price a single-family residence in Metro Denver in March 2018 was: $440,875
- Up from February’s $435,000
- January 2018 was $416,000
- December 2017: $415,000
- November 2017: $405,000
- October 2017: $415,000
- September 2017: $409,000
- August’s 2017: $410,000
- July’s $420,000
An Overview of the National Market:
- Federal Reserve raises interest rates for first time in 2018 and indicates two more rate hikes coming this year. – Housing Wire
- Starter homes are in short supply, and getting shorter. On the surface, the inventory situation in the US appears to finally be turning the corner after years of extremely low supply have led to ever-increasing prices. Indeed, the supply of homes in the US increased by 3.3% in the 4th quarter of 2017. However, a closer look reveals that the increase is due to a large 13.3% increase in the supply of premium homes while the supply of starter homes continues to decline.” – Builder
- “Most evidence suggests that fundamentals will prevail over time and push sales and prices higher, especially at the lower and middle tiers of the market. But the opposing forces could mean a period of uncertain dealmaking. Higher mortgage rates and a new tax law will affect several elements of home buying.” – New York Times, What to Expect from the Housing Market this Spring
What’s Happening in Denver:
- Starter homes slip further out of reach in Denver, with a $267K median price and few for sale – Denver Post
- “Denver Rent Ranked 4th Highest In The Country: A new report found rent in Denver went up nearly 47 percent in the past decade.” – CBS Denver
- “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.” – DMAR
- “Denver real estate is a bargain…at least if you are coming from San Francisco. Pilot John R. Tennyson late last year moved from San Francisco to Denver. Tennyson, a pilot with Southwest Airlines, brings a mile-high perspective to the Mile High city’s real estate, which has never been more expensive.” Colorado Real Estate Journal
Report for Metro Denver:
Read Denver Metro Association of Realtor’s full report on last month’s Real Estate trends and statistics in Denver here.
And as always, please let us know if you have any questions!
