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
Denver Home Sale Prices Jump Almost 10 Percent
If you’re house hunting in Denver, you may begin wondering if home sale prices may ever stop increasing. While that time may eventually come, it certainly didn’t happen in May. According to the Denver Metro Association of Realtors’ (DMAR) recent market trends report, the average price of a home in metro Denver jumped 9.8 percent in May to $449,736, and that includes homes of all kinds.
Other report highlights include:
Detached single-family houses sold for an average of $490,700 in May, while attached homes such as condos went for an average of $317,082.
Overall, the market experienced a much-needed increase in inventory that was due in part to the beginning of the spring selling season.
Active listings for homes of all types increased by 7.9 percent to 5,895 in May, and part of that increase was driven by an increase in condo inventory.
Though there was a slight bump in May, overall of the biggest issues homebuyers are seeing in Denver is a lack of inventory – supply remains low, while demand continues to skyrocket. According to DMAR:
Of the available listings, only 41 percent are priced below $500,000. If you’re a buyer you should expect continued competition as this price range accounts for 74 percent of all sales.
Active condo listings increased by 16.7 percent year-over-year, compared with a 5.6 percent increase in active listings of detached homes.
Condos priced below $300,000, though, remain difficult to find. Of the 1,335 active condo listings in May, only 385, or 28 percent, were priced below that threshold.
While it may appear to a seller’s market in the Mile High City, there are still great deals to be found, especially if you’re considering checking out distressed housing. It may sound daunting, but purchasing a foreclosure, short sale or bank-owned property isn’t drastically different than any other purchase. Especially if you hire pros like the ones at Metrowest. We specialize in distressed sales – give us a call and we’d be happy to help you start the process!
"Chris has a background in the financial services industry where he has brokered over $15B in receivables and is a frequent author and event speaker. He has been a licensed broker and real estate inv....