In a bit of good news for area home buyers, the median home price in metro Denver remained unchanged in June, which may be a signal that the real estate market in the Mile High City is hitting its
Denver Home Prices Set Record In 2017
According to the most recent data from the Denver Metro Association of Realtors (DMAR), home sales and prices in metro Denver once again hit record highs in 2017. We also broke records in terms of homes sold: a record 57,788 single-family homes and condos sold across metro Denver last year, an increase of 2.93 percent from 2016, and ahead of the 2015 record of 56,062.
Other DMAR report highlights include:
The average price of a single-family home sold last year reached $480,140, which is an 8.7 percent jump from 2016. The median sold price – that is the point where half the homes sell for more and half for less - was $410,000, an increase of 7.9 percent.
Condo prices increased even more on a year-to-date basis, hitting an average sales price of $318,904 last year, a 10 percent jump from 2016, with a median sales price of $270,000, up 12.15 percent from 2016.
As home prices continue to increase, low inventory numbers remain a cumbersome reality for potential buyers. Slim pickings here convert to higher home sale prices. As the year ended, there were only 3,854 homes on the market, a record low in a metro area of 3 million residents. To put that into context, between 1985 and 2016, buyers had on average 13,702 homes available at the end of December.
While options are limited, there are still great deals to be found – especially if buyers are willing to consider distressed properties to break into homeownership. If you’re ready to see what metro Denver has to offer, contact Metrowest today. We specialize in distressed property transactions and would love to show you around!
Andy Potarf is a native of Denver and a graduate of Colorado State University. He works with first time homebuyers needing help getting prequalified all the way up to and including seasoned invest....