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Denver Sees Big Jump In Housing Inventory In May
According to the most recent data from the Denver Metro Association of Realtors (DMAR), the number of homes for sale in the Denver metro area saw another big jump in May 2018, reaching its highest level in nearly six years.
Other highlights from the report highlights include:
May ended with 8,891 active listings, an increase of nearly 27 percent from the month before and a 38 percent increase from May 2018.
May’s inventory was also the highest the market has seen since November 2013, when there were 9,352 homes on the market at month’s end.
DMAR Market Trends Committee Chair, Jill Schafer, said the market has been experiencing a drought of new homes for years, so the increase in inventory is a welcome relief for thirsty buyers. She also noted that sellers have been experiencing an unprecedented increase in values. Even with the added inventory, prices were still up a bit.
May saw a slight increase in Denver’s median sold price, which hit $431,000 for the entire residential market, including both condos and single-family detached homes.
Condos continue to be more affordable than single-family homes, selling for a median of $315,000 in May compared to $470,000 for detached homes.
The climate in Denver hasn’t shifted to a buyer’s market just yet, but homes are staying on the market longer than this time last year, meaning buyers have a little more time to haggle for a good price.
Ready to check out what Denver neighborhoods have to offer? Contact Metrowest today – we’d love to show you around.
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