The housing market doesn’t show any signs of cooling in the Mile High City as, to the dismay of many buyers, we set two records last month: record-high home prices and record low average days on
April Saw A Jump In Home Prices And Inventory
According to recent data from the Denver Metro Association of Realtors, the median price of residential properties – both detached single-family homes and condos – rose to $417,000 in April. That’s a jump of 2.75 percent compared to March and 9.46 compared to April of last year.
On the plus side, the number of homes for sale in metro Denver also increased last month to 5,160 as of the end of April. That’s up 12 percent from the month before, but down 4 percent from the same time last year. It’s also well below the historical average of 15,710.
In all, there were nearly 7,000 homes put up for sale in April, an increase of nearly 5 percent year-over-year. And all those new homes entering the market are selling quickly -- the average number of days on the market dropped to just 20 days.
Chairman of DMAR’s Market Trends Committee, Steve Danyliw, said homebuyer demand remains robust, and as new listings poured into the market, buyers that were waiting for them quickly gobbled them up, driving the average days on the market down to 20 days. Danyliw said housing activity remains strong, but increasing interest rates, increasing housing prices, low inventory and now increasing gas prices, will have an eventual impact.
Furthermore, due to rising prices, there are now more single-family homes in the $500,000 to $750,000 range than every other lower price segment combined, according to DMAR. Condos tend to be priced lower (the median is just under $300,000), so buyers looking for more affordable homes may have better luck in that area.
Demand is holding strong for houses in the Mile High City, but if you know where to look there are some great deals to be found. If you’re ready to start your search, contact Metrowest today – we’d love to show you around!
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....