March home sales sizzle, but inventory fizzles
- Inventory levels hit a new low in March.
- Every other metric was strong.
- The average price of a single-family home rose 12.5%
A snapshot of the housing market. Source: Metrolist.
March was a strong month for the Denver-area resale home market, with double-digit gains in contracts, closings and sale prices, according to reports released today.
However, the inventory of unsold homes fell to a new recorded low of 6,682, a 1.5 percent drop from the previous low of 6,786 in February, according to the reports released by independent broker Gary Bauer and Metrolist.
It was only the fourth time since Metrolist began keeping full-year records in 1985 that the inventory had fallen from February to March.
On the other hand, there were 5,328 homes placed under contract in March, a 12.2 percent increase from the 5,328 in March 2012.
Closings, which reflect homes placed under contract in prior months, were double the contract activity.
There were 4,333 closings in March, a 24.7 percent jump from the 3,475 in March 2012. From February to March, contract activity was up 18.7 percent and closings soared 46 percent
The low inventory and strong demand resulted in higher
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