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Denver home prices reached another all-time high, and sales remained strong even though more homes came on the market. Home prices are sizzling hot, 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. Condos and townhomes saw price increases as well, reaching $297,930 on average, which is also four percent higher than last month, and a 14 percent year over year increase.
Although 7,285 new listings hit the market, robust demand kept inventory levels from rising at a typical pace for this time of year. At month’s end, there were 6,565 available homes for sale in the Denver Metro and surrounding areas, seven percent more than last month, but five percent less than last year.
The supply of inventory in the greater Denver Metro Area remains at approximately six weeks. Homes continue to sell quickly, spending an average of just 20 days on the market.
Till next month.
If you know of someone who needs to sell a home due to an estate, divorce, relocation, or other circumstance, please let me know. Call or email. I look forward to helping those you know, because they trust you and appreciate your referral.
Michael Dagner is a real estate professional in Denver, Colorado.
The Michael Dagner Group, Brokers Guild Cherry Creek Ltd, 7995 E. Hampden Ave, Ste 100, Denver, CO 80231 Map
5 Minutes From The Denver Tech Center - Near Tamarac Square, 9-Mile Station, & Cherry Creek Reservoir