As the neighborhoods in close proximity to Denver are becoming more crowded and pricey, would-be buyers are flocking further from the city to check out up and coming areas where prices may be a
Prices High And Inventory Low In Denver
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!
DAVE NELSON, 4-time 5280 Magazine 5 Star Real Estate Professional. Dave’s career in real estate has chronicled more than 15 years. Known as a true real estate professional, Dave is experienced i....
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