View the April 2018 REcolorado Market Watch Video.
Download the April 2018 REcolorado Market Watch Infographic.
Beautiful spring weather helped encourage sellers to list their homes for sale. The busiest season for home buying and selling typically falls during spring and summer. 2018 statistics are following this trend, with 9% more new listings in April than March. Nearly 7,000 new homes for sale hit the market in April across the Greater Denver Metro Area.
For the first time this year, active listings reached above the 5,000 mark. Active listings of homes for sale were 23% higher than last month at 5,640 at the end of April. Homes continue to sell quickly as home buying and selling season picks up. Homes spent a median of only 5 days on the market in April.
Home sales remain steady year-over-year. 4,789 homes sold in April, only 1% lower than April of last year. When you look at year to date home sales, sales are only 2% lower than 2017 figures.
Home buyers searching for a home for sale under $500,000 can expect a competitive market. Homes priced under $500,000 sell very quickly, with the majority selling in less than a week. As the price falls, so does the number of days on the housing market.
Homebuyers must be ready to act fast in Colorado’s competitive housing market.
To get a head start, connect with me early in your home search process. I can connect you with impactful tools, like our Dream Home Finder alert service, to find the home that fits you.
The latest housing market data from REcolorado show more sellers listing their home for sale as the weather warmed in the Greater Denver Metro Area (11 County Area). Home sales remain consistent with this time last year, falling only 1%, while average sold price continues to rise in Colorado.
Through April, 4,789 homes sold, 1% lower than last year, but up 4% from March. Year to date, sales are just 2% lower than 2017 figures. In addition to strong home sales, April saw a lift in the number of homes going under contract. Through the month, contracts were placed on 6,142 homes, a 12% increase from last month.
Homes Sold Year-Over-Year Change
April 2017 -- 4,816
April 2018 -- 4,789
The average price of a single family home reached $486,480 in April, a year-over-year increase of 11%. Home prices were 4% higher than March, the biggest month-over-month increase we’ve seen so far this year.
The price of a single-family detached home reached $540,420, while condos/townhomes sold for an average of $354,489.
Average Sold Prices Year-Over-Year Change
April 2017 -- $437,331
April 2018 -- $486,480
As the weather warmed, we continued to see sellers list their homes for sale. In April, 6,943 new listings hit the market, 5% more than this time last year and 9% more than last month.
April marked the first time we’ve seen active listings climb above 5,000 this year. At 5,640, the active listings count was 8% lower than last time this year, but 23% higher than last month.
New Listings Year-Over-Year Change
April 2017 -- 6,586
April 2018 -- 6,943
Homes continued to move off the market quickly throughout the Denver metro area. The average time a home spent on the market in April was 33 days, 1 day less than last year and 13 days less than last month.
The median number of days a home spent on the market in April was just 5, unchanged from last year and one day less than last month.
Average Days on Market Year-Over-Year Change
April 2017 -- 34 days
April 2018 -- 33 days
Demand remained strong across all price ranges in April, with 69% of new listings that came on the market resulting in a sale. The market saw the most activity from homes in the $300,000 to $500,000 price ranges, with 48% of new listings coming on the market, 11% more than last month. Sales in this range comprised 48% of all April sales. Homes priced under $500,000 continue to sell very rapidly, with the majority selling in in less than a week.
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Marianne Bandy, Team Leader
The Bandy Team - EXP Realty
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