Denver Sees Big Jump In Housing Inventory In May

Dated: 06/10/2019

Views: 213

Image titleAccording to the most recent data from the Denver Metro Association of Realtors (DMAR), the number of homes for sale in the Denver metro area saw another big jump in May 2018, reaching its highest level in nearly six years.

Other highlights from the report highlights include:

  • May ended with 8,891 active listings, an increase of nearly 27 percent from the month before and a 38 percent increase from May 2018.

  • May’s inventory was also the highest the market has seen since November 2013, when there were 9,352 homes on the market at month’s end.

DMAR Market Trends Committee Chair, Jill Schafer, said the market has been experiencing a drought of new homes for years, so the increase in inventory is a welcome relief for thirsty buyers. She also noted that sellers have been experiencing an unprecedented increase in values. Even with the added inventory, prices were still up a bit.

May saw a slight increase in Denver’s median sold price, which hit $431,000 for the entire residential market, including both condos and single-family detached homes.

Condos continue to be more affordable than single-family homes, selling for a median of $315,000 in May compared to $470,000 for detached homes.

The climate in Denver hasn’t shifted to a buyer’s market just yet, but homes are staying on the market longer than this time last year, meaning buyers have a little more time to haggle for a good price.

Ready to check out what Denver neighborhoods have to offer? Contact Metrowest today – we’d love to show you around.

Latest Blog Posts

Denver Market Slowing Balancing Still A Sellers Market

If you were house hunting in Denver in 2018 you know all too well how high home prices got and how quickly they sold. However, 2019 brought about a bit of a cool down that is continuing through the

Read More

Denver Takes Top Spot For Rising Home Prices Since Great Recession

According to a recent report from ATTOM Data Solutions, median home prices in the Denver area have risen by a greater percentage than other U.S. city since the Great Recession, which officially

Read More

Denver July Market Hits Seasonal Summer Slump

While July’s weather heated up in metro Denver, home buying and selling activity did not. That’s according to a recent report from the Denver Metro Association of Realtors (DMAR), who said home

Read More

Neighborhood Spotlight Holly Hills

Named the best place to live in Colorado by ranking site niche.com, Holly Hills doesn’t have the same name recognition as better known areas like Boulder or Wash Park. So why should this area be

Read More