Property valuation notices went out recently and while homeowners likely saw an increase in property value, according to county assessors it will be tamer than the drastic increases we saw in 2017
Inventory In Denver Increasing Home Prices Holding Steady
According to the latest data from the Denver Metro Association of Realtors (DMAR), the number of homes for sale in the Denver metro area was up significantly in April and the median sold price remained unchanged year-over-year.
In its monthly housing report, DMAR reported the median price for all residential properties — both single-family detached homes and condos — was $420,000 in April. That’s up slightly from March but is unchanged compared to the same time last year.
DMAR said that while the median held steady, the average home price, which tends to be higher, continues to increase and hit a new record high of $553,371 for single-family homes.
While affordability remains an issue for some, the truly good news is the increase in the number of homes to choose from. April ended with 7,012 active listings, which is up 11 percent from March and a nearly 36-percent increase compared to this time last year.
Condos have seen the biggest increase in inventory, with a 62-percent spike in active listings year-over-year.
Despite increasing inventory, DMAR warns it’s not a buyer’s market quite yet. Overall there are only 1.5 months of single-family housing inventory and 1.49 months of condo inventory. Generally, there needs to be five to six months of inventory to be considered a balanced market.
Historically, April has seen an average of more than 15,000 active listings. DMAR also reported that homes also took longer to sell in April, spending a median of 12 days on the market last month compared to six days in April 2018.
If you’re ready to check out what Denver has to offer, there are still great deals to be found. If you know where to look, that is. Contact Metrowest today – one of our experienced pros would love to show you around!
Brent was born and raised in Colorado and enjoys all that the state has to offer. Brent is a graduate of Metropolitan State University of Denver, where he received a BS in Business Management. After ....
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