COListings provides a monthly market snapshot to help you track the market you care about. Whether you are looking at the supply coming to the market or how that supply with play into current home prices, this snapshot can help you understand the market now so you can make the best long-term decision.
The average home sales price in March is up 5.5% compared to 2015 and up over $7,000 from February. Townhouses and condos showed a substantial increase in median sales prices and are up 12% compared to last year. In March of 2015, the average days on market was 69. This year, it is down to 59 days with a 99.6% list price received on home sales. The year to date (YTD) number of listings sold this March was at 20,592, up 4.3% from 2015 YTD sales. Pending sales or under contract listings for this March is currently at 26,797. That is a 7.3% increase from the same time frame in 2015. New listings are currently down 1.6% from last year, and there is only a slight increase between February and March of this year. Active listings are down 25.1% from March of last year and there is only a 2 month supply of inventory currently available.
The March snapshot shows more homes are selling and selling fast, but the number of homes for buyers to choose from is still low. With low inventory, low rates and buyers waiting to buy, now might be the time to list your house. If you have a home to sell, or if you are just curious what your home is worth in this market, contact COListings today.
Source: "March Market Report," Colorado Association of REALTORS® (March 3, 2016).