With the unprecedented growth in the Denver metro area over the past couple years, it was only a matter of time before home prices in the Mile High City jumped over the $500,000 mark. According to
Denver Inventory Drops Home Prices Increase In July
The most recent report from the Denver Metro Association of Realtors shows that average home prices in metro Denver increased 9.5 percent year-over-year in July to $449,054, a figure that includes both detached single-family homes and attached condos and townhomes. DMAR's report includes Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park counties.
Detached homes alone averaged a selling price of $496,382, an increase of 8.4 percent, while condo prices averaged $342,187 in July, a 13.6 percent jump from the year before.
According to the chairman of DMAR's market trends committee, in the market overall, inventory ticked down in July, with active listings decreasing by 1.5 percent to 7,352. This is a new record low for inventory in July.
The number of sales that occurred reflected the lower inventory, with a dramatic month-to-month drop in the midst of the summer selling season.
The chairman of the market trends committee said the number of sales dropped 19.6 percent from June, which is significantly higher than the normal seasonal decrease of 5 percent. Like sales, under-contracts also experienced a higher than usual decrease from June of 14.8 percent. A decrease of 6.2 percent is considered normal.
There was also a year-over-year decline in the number of homes sold, although it was not as steep. In July, 4,879 homes sold, down 8.3 percent from the same month last year.
Median home prices increased by about 9.5 percent as well, to $385,000.
While inventory is limited, there are still great deals to be found in Denver. If you’re ready to start the home buying process, contact Metrowest today – we’d 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....
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