Competitive Housing Market Drives Housing Prices to All-Time Highs
GREENWOOD VILLAGE, CO – June 3, 2016 – The latest data from REcolorado, the provider of REcolorado.com, a free home search site for Colorado home buyers, sellers and renters, reveals that home sales prices have reached another all-time high. Sales remained strong as more homes came on the market.
The sold price of a Denver-area home surpassed the $400,000 mark for the first time ever, reaching an average of $407,662. Home prices in May were up four percent month over month and nine percent as compared to last year. The average sale price of a single family detached home climbed to $448,804, three percent higher than last month, and eight percent higher than a year ago. Condos and townhomes saw price increases as well, reaching $297,930, which is four percent higher than last month and a 14 percent year over year increase.
“After dipping slightly last fall, home prices continue to grow at a moderate pace this spring selling season,” said Kirby Slunaker, president and CEO of REcolorado. “That bodes well for home sellers, as well as home buyers who continue to move quickly in an effort to purchase moderately-priced homes while interest rates remain low.”
Although 7,285 new listings hit the market in May, robust demand kept inventory levels from rising at their usual pace for this time of year. At month’s end, there were 6,565 available homes for sale in the Denver Metro and surrounding area, seven percent more than last month, but five percent less than last year. In May, the supply of inventory in the greater Denver Metro Area remained at approximately six weeks.
Strong demand also kept month-over-month sales strong. In May, 4,939 homes sold, up 10 percent from April, but down 12 percent as compared to last year. Homes continue to sell quickly, spending an average of just 24 days on the market.