Even though a recent study determined that home affordability in Denver was the second-worst in the country, promising new data shows that buyers who expand into nine different suburbs outside the
Average Denver Home Price Passes The Half Million Dollar Mark
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 the Denver Metro Association of Realtors, that happened just last week as the average home price in Denver came in at $502,986, a near 12 percent jump from February 2017.
Steve Danyliw, chairman of the DMAR Market Trends Committee, said that this may represent a psychological barrier for some homebuyers wishing to enter the market.
There was, however, some good news as inventory climbed last month. The uptick in inventory can be attributed to the number of new listings in February — 4,638. That's over 5 percent higher than January.
There is normally a seasonal decrease in inventory this time of year, so a jump in inventory is a welcome change for would-be buyers.
Other highlights from the market trends report include:
Year to date, 5,939 homes have sold, which is eight percent less than 2017.
Condos are spending more days on the market, increasing to 72 days this February. Last month it was 43.
Condos also saw an increase in listings, up four percent from last month.
While it certainly seems more of a sellers’ market, there are absolute deals to be found in the Denver metro area. If you’re on the hunt for a house in the Mile High City, give Metrowest a shout – we’d love to show you around!
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....
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