Denver Real Estate Market Update – April 2018
In February the average price of a detached single family home in the Denver metro area hit over $500,000 for the first time. The number came in at $502,986 to be exact. In March that number went up to $522,277. That’s a 3.77% jump in just one month.
I expect that the average price of a home in Denver will continue to go up monthly through June. In July prices will start to decline as the spring/summer selling season tapers off.
The average home price of a detached single family home is up 11.7% over last March.
Housing inventory looked a bit better in March than in February. March saw 6,335 new listings hit the market. That is up 13.1% over February but down 6.14% from last March.
5,674 homes went under contract in March. That is up 34.52% over February and up 4.76% over last March.
Inventory is a big issue and Denver and there are no signs that the problem will be resolved in the next couple years. Builders are still only building at about 50% of what the Denver area needs.
More and more homebuyers are looking at new built homes as an option since resale homes are so scarce. If you are considering a new built home I suggest looking sooner than later. New built home communities raise prices quite frequently. And lumber has gone up in price 30% in the last few weeks. My guess is that this will spur further price increases in new built homes. Buy now and lock in your base price.
2017 was a record breaking year for the Denver real estate market. Denver saw it’s highest sales volume in residential real estate ever. So how is 2018 looking so far? Right now we are up on 2017 by 4.69% with a sales volume of 4.85 billion. At this pace 2018 will out do the prior year in sales volume.
Denver real estate is going strong in 2018. If you are planning to sell, congratulations! But remember, you still must price your home right to sell.
Planning to buy? Prepare yourself. You can find yourself competing for the home you want even if your budget is $600,000. It is more important than ever that you have an experienced Realtor who has experience in competitive situations. I suggest watching my video below on how to be competitive in your offer on a new home.
If you are buying a home in the Denver area contact Courtney Murphy. Courtney is a Denver metro Realtor with real experience in competitive offer situations.
Selling a home in Denver? Courtney’s past experience in marketing and computer technology is the perfect mix to get your home maximum online exposure where everyone in this present day shops for a home.
