Denver Realtor Reviews: Denver Real Estate Market Statistics March 2016
The average price for a home in Denver was $385,828 at the end of March 2016. The median price for a home in Denver was $340,000 at the end of March 2016. Sales volume in March was just under $1.757 billion. There were 4,554 real transactions in March 2016. There is approximately 1.352 months of real estate inventory in and around Denver. There were 6,158 real estate listings in and around Denver at the end of March 2016. The average days on market for real estate listings in and around Denver was 31 days for March. And the median days on market was 16.
These Denver real estate market statistics are from the Denver MLS (REColorado.com) . They reflect real estate sales data for the end of March 2016. They do not reflect real estate sales that occurred off market or outside of the Denver MLS.
The average home price in Metro Denver, Colorado
The average home price in Metro Denver is up 8.7% Year Over Year from $354,887 in March 2015 to $385,828 in March 2016. The average home price in Metro Denver is up almost 4.2% Month Over Month from $370,167 in February 2016.
The median home price in Metro Denver, Colorado
The median home price in Metro Denver is up almost 9% Year Over Year from $312,000 in March 2015 to $340,000 in March 2016. The median home price in Metro Denver is up a little more than 4.6% Month Over Month from $325,000 in February 2016.
Real estate sales volume in Metro Denver, Colorado
Number of real estate sales in Metro Denver, Colorado
There were 4,554 real estate sales in March 2016, almost 2% less than March 2015 but almost 33% more than February 2015.
Months of real estate inventory in Metro Denver, Colorado
Year over year and month over month, the amount of real estate inventory has decreased, but is just above 1 months of inventory on the market. This is dramatically below previous year’s inventory levels.
Number of real estate listings inventory in Metro Denver, Colorado
At the end of March 2016 there were 6,158 real estate listings which is almost 3% more than the 5,955 listings at the end of February 2016 and almost 3% less than the 6,348 listings at the end of March 2015. This indicates a shortage of homes available for sale extending beyond seasonal trends.
Average days on market for a Metro Denver, Colorado home for sale
At 38 days the average days on market is 6 days shorter than February 2015 and 2 days less than March 2015. This is dramatically below previous years averages.
Median days on market for a Metro Denver, Colorado home for sale
At 6 days, the median days on market is 4 days shorter than February 2016 and the same as March 2015. This is dramatically below previous years averages.
Summary of Denver Real Estate Market Conditions
Prices are still increasing, but the increase decreased to 8% year over year price increases. Inventory is lower than ever and despite the decrease in the number of sales, days on the market is at a record low. All of this leads me to conclude that we are still in a strong Seller’s Market with just more than 1 month of inventory and a lot less than a 90 day average days on market. And this data does not reflect the dramatic shortage of entry level homes and homes under $300,000. Bidding wars are common and appraisals are frequently coming up short of the purchase price.
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