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Denver Housing Market Sets Records In May
The housing market doesn’t show any signs of cooling in the Mile High City as, to the dismay of many buyers, we set two records last month: record-high home prices and record low average days on the market.
According to the Denver Metro Association of Realtors market trends report, the average home price continues to climb every month. Currently, the average sale price for a single family home sits at $540,624. Other highlights from the report include:
The year-to-date average, $523,255, is up almost 11 percent from this time last year.
The median price year-to-date, $442,450, is up almost 10 percent.
Compared to the last housing bubble, May 2007 had an inventory of 29,110 compared to this year's 6,437
Despite the climb in average price, the median price of a single-family home decreased a little less than one percent to $451,000. This is up almost 13 percent from last year.
The condo market also saw a steady drop in days on the market, down 16 days from 19 days in April.
The condo market has been outperforming single-family homes, with an average price of $356,337.
Despite all that, homebuyer demand remained strong with an average of only 18 days on the market. If you’re on the hunt for housing in Denver, you need to be prepared to move quickly and be flexible on options.
A great way to get a jump start on the process is to get at mortgage preapproval. Not only will you get an accurate idea of how much house you can afford, but it will show sellers that you’re serious about making an offer. The second step is to find an experienced pro who can help you navigate the home buying process.
There are still some good deals in Denver to be found, if you know where to look. If you’re ready to become a homeowner, contact Metrowest today. We’d love to help you start the process!
A Real Estate expert with a career spanning almost 20 years in multiple facets of the industry. I'm known for my extensive knowledge in foreclosure, asset management, title, loan origination, and gen....
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