Denver Metro Home Prices Reach All-Time High
as Buyer Demand Remains Strong
According to the latest data from REcolorado, continued strong demand and low inventory levels across the Denver Metro area pushed average home sale prices to all-time highs in April.
After experiencing a double-digit percentage increase in March, the number of available homes for sale saw another increase in April. At the end of the month, there were 5,825 homes for sale in the Denver Metro area, up 18 percent as compared to the previous month, but six percent less than this time last year. The month-over-month increase in inventory was a result of sellers bringing new listings to the market—6,587 in April.
The number of sales held steady in April, despite persistently low inventory levels. During the month, 4,689 homes sold, down one percent as compared to last month, but three percent higher than this time last year.
April brought another increase in home values throughout the Denver Metro area. In April, the average sold price for all types of single-family homes reached another all-time high, climbing to $436,339, a three percent increase over last month and ten percent higher than April 2016.
Across the Denver Metro area, we continue to see double-digit year-over-year growth in home sales prices. Our price growth can be attributed to demand from the new residents who are moving to the area, thanks in part to our strong economy, and to the continued low amount of houses for sale. Strong demand + low inventory = higher prices.
The average price for a single family detached home was $484,637, a three percent increase over last month and nine percent increase year over year. The average sold price for a condo/townhome was $318,115 in April, one percent higher than last month and 11 percent higher than a year ago.
In much of the Denver Metro area, especially below $500,000, demand is exceeding supply, resulting in short sales cycles. The average amount of time a home was actively for sale in April was 33 days, six days less than last month and one day longer than last year at this time.
As buyer behaviors begin to slow, we should see inventory rise through the balance of 2017 and prices to level off somewhat. There is a sense in the market that market dynamics are changing, but by all means, it remains favorable for sellers to sell their properties now at top dollar and for buyers to be able to enter the market and still see normal appreciation levels for the next several years.
If you are thinking of selling your home, or would just like to see what it’s worth in today’s market, please give me a call. No obligation of course!
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Until Next Time,
Marianne Bandy, Team Leader
The Bandy Team - EXP Realty
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