Denver Real Estate Blog

Metro Denver’s housing market continued to be soft in March, with fewer sales and lower selling prices compared to the same month of 2007, according to data provided by Metrolist Inc.

The first few months of the year usually is a slow time for residential sales. Closed March home sales — including single-family houses and condominiums — decreased 13.2 percent metrowide to 3,709, from 4,274 closed sales in the same month of 2007. But last month’s sales were up 23.6 percent from the 3,001 sales in February 2008. For the first quarter, sales were down 11.1 percent to 9,697 from 10,904 a year ago.

“Sold activity [through March] experienced double-digit declines, not unexpected with seasonal downturns going into the traditional selling period of early summer. … [But] Denver continues to do better than the national averages,” independent residential broker Gary Bauer of Littleton said in a statement.

Median sold price for single-family homes decreased 6.3 percent to $224,900 in March from $240,000 for the same month last year. Median sold prices for condos dropped 13.7 percent last month to $132,000 from $153,000 for the same month last year. Bauer foresees price declines for all of 2008.

The median selling price is the middle price between highest and lowest prices. Median price is significant because it’s not skewed by the highest and lowest prices.

The southeastern metro area saw the strongest selling prices last month, In that area, 180 single-family homes sold for $425,650 on average and 127 condos sold for an average of $216,619