Denver's real estate market is sending signals of a very active and competitive selling season to come. March brought 6,247 new listings to the market, a 38 percent increase as compared to last month, and three percent more than this time last year. However, new listings did little to ease the inventory crunch. In March, there were 5,166 active listings on the market, a two percent increase over last month and 24 percent less than March of 2014.
Eager home buyers quickly scooped up the active inventory and, in the process, sent home sales soaring. In March, 4,140 homes sold, a 46 percent month-over-month increase and one percent higher than compared to this time last year.
The continued demand for homes, coupled with low inventory levels brought an increase in average sold prices. In March, the average price for a single family home increased $9,784 or three percent in one month. Average sold price is up 15 percent as compared to this time last year.
Denver's competitive housing market brought another month where the sales cycle was extremely fast. In March, homes spent an average of just 33 days on market, six days shorter than last month and 14 days fewer than March 2014.Read more at ReColorado.com, and download a copy of our report here.
Below, you can watch this month's market report video, featuring Live Urban broker Nancy Bible,who visit Denver'sPark Hill neighborhood.
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