DENVER – Denver was once again one of the hottest real estate markets in the country in March, tying with Seattle for the fewest number of days that homes spent on the market.
According to online real estate brokerage Redfin, the typical Denver home spent just eight days on the market last month. That’s down from 23 days in January, when Denver was also the “fastest” market in the U.S.
By comparison, the national median for the number of days on the market was 49 in March.
Not only did Denver homes sell quickly in March, but they drew an incredible amount of competition that drove up prices. Redfin’s data show that 43.4 percent of all homes sold ended up selling for more than the original asking price, bringing the median sale price to $370,000.
That represents an 8.8 percent increase over March 2016 and a 76.5 percent increase in the past five years.
If there’s any good news here, it’s that housing inventory is up from the record low reported in February. According to Redfin, inventory was up 16.2 percent in March with more than 6,100 new listings entering the market.
For more details from Redfin’s March report, log on to redfin.com.