Spring has sprung, and with it, a bunch of for-sale signs.
March is the traditional beginning of home selling season, and data from the Denver Metro Association of Realtors says this year is no different.
So that low inventory that we’ve been talking about in Denver? This month doesn’t fix it, but new listings did jump nearly 50 percent when compared to February. Perhaps more encouraging, new listings have even increased about 19 percent when compared to March last year.
But since prices have continued to increase, more homes for sale isn’t really going to help everyone. This March, the median sold price for a single-family home or condo was $372,500, up about 8 percent from last year.
Then there’s the question of how much space you actually need, for the budget-minded home seeker. Nationally, it costs about $447 per month to move from a two-bedroom home to a three-bedroom home, according to Zillow’s Cost of Moving Up Analysis. In Denver, it’s even higher — $601 more per month.
The local market continues to tolerate price increases though. For one, the number of homes sold that cost $1 million or more increased 50 percent when compared to last year.
It seems that that’s one way to get around low housing inventory. For houses that cost more than $1 million, there’s about 7.4 months of inventory. For homes between $200,000 and $299,999, it’s less than half of a month.