According to recent data released from the Colorado Association of Realtors (CAR), Denver area home prices continued to climb to record levels in May, while the inventory of active listings continue to decline.
How high is high? Well, according to the data, the median sales price of a home sold last month in the Denver area hit $390,00, a 9.9 percent jump from $355,000 in May 2015.
Single family homes aren’t the only properties on the rise as the median price of a townhome/condo rose 13.5 percent, year-over-year to a record $245,000, compared to $205,000 in May 2015, according to CAR.
Not only are prices on the rise in the Mile High City, but inventory is on the decline as well. The CAR reported that the 5,352 active listings last month was the lowest ever for a May, though it was five percent higher than the record low of only 5,090 homes on the market in February.
If you’re in the market for a townhouse or condo, options drop even more. There was a 1-month supply of townhomes and condos for the second consecutive month, according to CAR, and overall condo supply is down 28.6 percent from a 1.4-motnh supply in May 2015.
With options decreasing in the Denver metro area, many buyers are adding short sales or foreclosed properties to their searches. If you’re interested in these types of options in Denver, give Metrowest a shout – we’d love to work with you!
Author:Dave Nelson Phone: 303-591-6001 Dated: June 20th 2016 Views: 279 About Dave: DAVE NELSON, 4-time 5280 Magazine 5 Star Real Estate Professional.
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Since 2003, Metrowest Real Estate Services has been Denver’s premiere resource for residential, foreclosure, REO and investment real estate. When helping you buy or sell, our mission is to provide excellent customer service to our corporate and individual clients by ensuring that our agents exceed all standards for market knowledge, professionalism, and client support. Whether you are a high volume investor or a first time homebuyer, our team at Metrowest can help you realize your real estate goals! Metrowest is your Denver Colorado Real Estate Team. We specialize in helping you get the most of your sale, purchase or investment.
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