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
Denvers Average Home Price Sets New Record
Single-family home prices keep climbing upward as Denver saw average prices hit $543,059 in April, according to the Denver Metro Association of Realtors May trends report. Data in the report indicates that in the single-family home segment, there are more listings now available between $500,000 to $750,000 than all of the price ranges below $500,000 combined.
According to a DMAR spokesperson, in the premier market - homes priced between $500,000 and $749,000 - is considered the "new norm.” Other report highlights include:
Median days on the market in this price segment decreased 22 percent to 7 days last month — meaning homebuyers are writing offers essentially the moment they find a property they like.
The year-to-date average sold price hit $517,395 for the single-family home market, up 11.2 percent from last year, with the median sold price at $439,828, up 9.96 percent.
New listings were up 4.88 percent from April 2017, and 5.58 percent more homes were placed under contract.
While housing activity remains strong, increasing interest rates, housing prices, and low inventory will have an eventual impact.
April had 5,160 active listings, but the number of sold listings decreased almost five percent from last month and almost nine percent year over year.
Year to date, 15,387 homes have sold, down 4.27 percent from 2017.
Chairman of the DMAR Market Trends Committee, Steve Danyliw, reported that homebuyer demand remains strong. When houses are listed, buyers quickly gobbled them up, driving the average time on market down to 20 days.
The market remains tight in the Mile High City, especially with limited in inventory and climbing prices. But there are still some great deals to be found if you know where to look. If you’re ready to check out what Denver has to offer, contact Metrowest – 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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