Denver Real Estate Market Update – March 2009

Posted by: Brian Kinkade on April 14th, 2009

The Denver real estate market of existing home sales for March 2009 shows signs of hope and strength for the year looking forward.  While still not fairing as good as last year, the Denver Metro remains towards the top of many lists of desirable U.S. cities to live, work, and play in a number of recently published surveys.

Combined residential sales volume, including single-family homes, townhomes and condos, for March was 3,206 properties, up 29.07% from February.  Temper this with the fact that sales are still down 13.56% from March of 2008, per Metrolist Inc., Denver’s Multiple Listing Service.

There were 4,826 homes under contract last month.  This includes 3,907 single-family homes and 919 condos and townhouses.  This is an overall increase of 15.37% from February, but down 17.84% from year-prior last March.

In March, the Denver MLS IDX held 20,628 homes for sale, an increase of 2.84% from the prior month, down 19.16% from the same time last year.  The average home sales price was $232,395, an increase of 6.60%, down 8.51% from a year ago.  Homes remained on the market 106 days on average in March which is down less than one% and down 4.37% from the year over year.

Breaking it down, single-family home sales were 2,590 last month, up nearly 29% from February and down 12.23% year-prior March.  Houses sold for an average of $251,583 in March, a 6.19% increase from the prior month, but an 8.41% decrease over the previous year.  These properties also stayed on the market about the same period of days, 106 on average, as the prior month but still down 2.75% from March 2008.

Sales for Denver townhomes, condos, and lofts hit 616 units, a 29.41% from February but an 18.73% drop from March, the year prior.  The average sales price was $151,716, up 9.75% from the previous month, but decreasing since the year over year period.  These properties remained on the market 106 days, down 2.75% from February and down 10.17% same time last year.

Visit Brian Kinkade’s website for the latest Denver real estate trends and Brian’s Homegain Agent View  Denver real estate blog for more real estate market information.

Learn more about Denver real estate and Denver home prices.

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3 Comments on “Denver Real Estate Market Update – March 2009”

Sam Chapman

How’s the luxury market in the Denver area?

Brian Kinkade

Sam, great visiting with you yesterday about Denver’s market conditions. Feel free to contact me anytime for an update.

Jon Boyd Ann Arbor real estate Buyer’s Agent

I was just talking to a Denver Exclusive Buyer’s Agent this morning about the market changes in the area.

However from the stats it is a little hard to know the seasonal impact.

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