Real estate prices in Denver continues to soar in March 2016

Denver real estate prices continues to soar despite a 13% increase in the inventory from February 2016, which was the lowest inventory on record. Active listing on the market reached 5,468 in March, up 6.2% from a year ago. New listings jumped 33% in March to 6,159, compared to February’s at 4,639, however new listings were slightly down from a year ago, at -0.8%.

Average and median sold prices also edged up again from the previous month with gains of 4.92% to $393,684 and 4.86% to $345,000 respectively. Year-over year, the average real estate price for both detached single-family houses and attached homes such as townhomes and condominiums, rose 9.8% in March. New listings for detached single-family homes, soared to 4,149, which represented a 36% increase month-over-month. Average and median sold price also surged from previous month with an increase of 5.08% to $435,796 and 5.33% to $379,173 respectively. New listings for the condo market also soared 28% to 1,559 units over the previous month, while the average and median sold prices showed a slight increase of 1.41% to $287,249 and 3.32% to $234,900.

In March, 80 homes sold for $1 million or greater, up 14.3% from the previous month and down 1.23% year-over year. Single-family homes sold between $500,000-$749,900 price range, were up 78% in March compared to February’s numbers. Year-to-date, there has been a 19.4% increase in the number of homes sold in this price range. For the condo market, the number of sold units in March, skyrocketed to 81.6% from February and up 109% year to date compared to 2015. Single-family homes sold between $750,000-$999,999 price range, were also up 78% from February and a 15% increase from a year ago.

The highest priced single family home sold in March was $5,300,000 and the highest priced condo sold was $1,680,000.