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Denver Home Prices Remain Unchanged In June
In a bit of good news for area home buyers, the median home price in metro Denver remained unchanged in June, which may be a signal that the real estate market in the Mile High City is hitting its seasonal peak. This data comes from a recent report from the Denver Metro Association of Realtors (DMAR), who reported that the median residential sale price in June was $420,000. This includes detached single-family homes and condos.
Other report highlights include:
The median price for detached homes was $452,500 while condos sold for a median of $305,000.
While the metro-wide median is unchanged from May, it represents an increase of 7.69 percent compared to June 2017, when the median price was $389,000.
The number of active listings on the market last month was up by more than 15 percent for a total of 7,436 homes. It’s a welcome increase; however, the historical average for the month is nearly 17,000.
DMAR representatives indicated that since July usually brings a peak in prices for the year, it’s likely we’ll start to see prices begin to drop slightly as summer winds down.
DMAR’s Market Trends Committee Steve Danyliw said that signs are pointing to more balance in the months ahead, as sentiment amongst realtors is that the days of an extreme seller’s market may be behind us. June saw increases in inventory, days on market and months of inventory, which is good news for homebuyers.
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