April Saw A Jump In Home Prices And Inventory

Dated: 05/29/2018

Views: 534

Image title

According to recent data from the Denver Metro Association of Realtors, the median price of residential properties – both detached single-family homes and condos – rose to $417,000 in April. That’s a jump of 2.75 percent compared to March and 9.46 compared to April of last year.

On the plus side, the number of homes for sale in metro Denver also increased last month to 5,160 as of the end of April. That’s up 12 percent from the month before, but down 4 percent from the same time last year. It’s also well below the historical average of 15,710.

In all, there were nearly 7,000 homes put up for sale in April, an increase of nearly 5 percent year-over-year. And all those new homes entering the market are selling quickly -- the average number of days on the market dropped to just 20 days.

Chairman of DMAR’s Market Trends Committee, Steve Danyliw, said homebuyer demand remains robust, and as new listings poured into the market, buyers that were waiting for them quickly gobbled them up, driving the average days on the market down to 20 days. Danyliw said housing activity remains strong, but increasing interest rates, increasing housing prices, low inventory and now increasing gas prices, will have an eventual impact.

Furthermore, due to rising prices, there are now more single-family homes in the $500,000 to $750,000 range than every other lower price segment combined, according to DMAR. Condos tend to be priced lower (the median is just under $300,000), so buyers looking for more affordable homes may have better luck in that area.

Demand is holding strong for houses in the Mile High City, but if you know where to look there are some great deals to be found. If you’re ready to start your search, contact Metrowest today – we’d love to show you around!

Blog author image

Dave Nelson

DAVE NELSON, 4-time 5280 Magazine 5 Star Real Estate Professional. Dave’s career in real estate has chronicled more than 15 years. Known as a true real estate professional, Dave is experienced i....

Latest Blog Posts

How You Can Help Your Community Through COVID19

With concerns about the Coronavirus heightening every day and information updating nearly constantly, droves of Coloradans are coming together to help their neighbors far and wide. It’s important

Read More

Denver Slips In Popularity Rankings For Commercial Real Estate Expansion

For years Denver has been considered one of the hottest markets in the country for real estate and expansions. However, at least among local commercial and real estate pros, it appears that trend

Read More

Top 4 Colorado Cities To Be A Home Seller

If you’re considering selling your home in Colorado, now might be a good time. But if you live in Denver, Arvada, Lakewood, or Aurora, it could be a great time. At least that’s according to

Read More

Im Relocating And Need To Sell My House In Denver Article

https://www.denveribuyers.com/blog/im-relocating-and-need-to-sell-my-house-in-denver/Sell your house fast with multiple offers to chose the right one and net the highest $ to you! Fast, flexible

Read More