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
Home Sales Slow But Prices Continue To Rise
According to a recent report from the Denver Metro Association of Realtors (DMAR), home sales in metro Denver experienced some slowing in April, but it didn’t prevent home prices from reaching record highs. In what may be bright news for potential sellers, the average price of a single-family home sold in metro Denver reached a new high of $487,974, which is up 4.2 percent from March and 10.3 percent from a year ago.
DMAR’s analysis indicated that buyers closed on 4,389 residential properties last month, which is a 7.4 percent decrease from the number of homes sold in March and down 4 percent from the same month a year ago.
The median price of a single-family home sold jumped to $420,000, up 4.2 percent from March’s median price of $406,500 and 9.1 percent higher than a year earlier.
Condos prices weren’t rising quite as fast in April, at least compared to single-family homes. The average price of a condo sold in metro Denver increased 0.94 percent to $318,478 from March, while the median price rose 3.85 percent to $270,000.
In terms of inventory, the number of homes and condos available for sale at the end of April rose 8.9 percent from the 5,361 on the market at the end of March, a much larger percentage increase than is usually seen between the two months.
Though sales cooled a little, homes that did sell went very quickly and received multiple offers. According to DMAR, half of new listings sold within eight days last month, and many went faster than that.
Selection in Denver may be on the lower side, but there are definitely great properties to be found. If you’re ready to head down the path of homeownership contact Metrowest today – we’d love to help you start the process.
Ken Blevins, Chief Executive Officer of Metrowest Real Estate Services, is a veteran in mortgage and default servicing with more than 23 years of experience in collections, foreclosure/bankruptcy, los....
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