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Denver Housing Inventory Increases As Demand Holds Steady
Itâ€™s true that the number of available single family homes and condos increased in May, the jump in numbers just canâ€™t seem to satisfy the demand for affordable housing in the Mile High City.
A recent press release from the Denver Metro Association of Realtors (DMAR), reported that new inventory of single-family homes was up 15 percent from April to May and 5.7 percent over this time last year. For condo/townhomes, new inventory was up more than 19 percent from a month prior and 16.4 percent higher than May 2018. In the seven-county Denver metro area, new inventory rose 18.7 percent from April to May and nearly 16 percent above where we stood in May 2018. For condo/townhomes, new inventory is up 20 percent over this time last year.
The report also noted that while sold listings came close to breaking records in the Denver metro median prices are still slowly increasing.
Other highlights from the report include:
fIn the seven-county metro region, median pricing hit a record $451,000, up 3.7 percent from a year ago.
Statewide, median pricing for a single-family home reached $412,000, up 4.3 percent from May 2018. The median price of a condo/townhome also reached a record high of $315,000 for both the metro area and statewide.
Average days-on-market (DOM) slipped from April to May but is well above where the metro area stood a year ago.
Across the state, the 42 DOM for single-family homes is up 5 percent from May 2018 and the 45 DOM for condo/townhomes is more than 18 percent better than a year prior. Looking at the Denver-metro region, a 26 DOM average for single-family homes is 4 percent above where things were in May 2018 and the 30 DOM for condo/townhomes is nearly 43 percent higher than a year ago.
Are you ready to start checking out housing options in Denver? Now could be just the right time. Contact Metrowest today â€“ weâ€™d be happy to show you around!
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