According to the S&P CoreLogic Case-Shiller Indices for June, home price gains are continuing to slow across much of the country, including in metro Denver, where they are starting to move in line
Home Prices Holding Steady In Denver
According to recent data from the Denver Metro Association of Realtors, the number of homes for sale in the Denver metro area was up significantly in April and the median sold price remained unchanged year-over-year. In the April housing report, DMAR reported the median price for all residential properties — both single-family detached homes and condos — was $420,000 in April. That’s up slightly from March but is unchanged compared to the same time last year.
The report also indicated that while the median held steady, the average home price, which tends to be higher, continues to increase and hit a new record high of $553,371 for single-family homes.
While that may not sound like great news for buyers, there is a silver lining as we’ve seen a measurable increase in the number of homes to choose from. April ended with 7,012 active listings, a jump of more than 11 percent from March and a nearly 36-percent increase compared to April 2018.
If you’re searching for the perfect condo, this may be a great time as this market saw a 62 percent increase in inventory from the same time last year.
In spite of the housing stock gains, it’s too early to say Denver is a buyer’s market, said DMAR Market Trends Committee chair, Jill Schafer.
She said that overall there are only 1.5 months of single-family housing inventory and 1.49 months of condo inventory, which is much lower than the five to six months of inventory needed to equalize the market between buyers and sellers.
Homes also took longer to sell in April, spending a median of 12 days on the market last month compared to six days in April 2018.
If you’re on the hunt for housing in Denver, there are still great deals to be found. You just have to know where to look. Contact Me Today – I would be happy to show you what the Mile High City has to offer!
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