With home inventory levels low in Denver it was a relief to see an increase in inventory this June. Inventory was up 19.75 percent over May and 3.87 percent over June 2016.
Much of the inventory boost was due to an increase in attached homes listed on the market. Inventory of single family homes actually decreased from June of 2016 by .72 percent. But inventory of attached homes (townhomes, condos) increased by a whopping 22.49% over June of last year.
5,712 homes sold in the Denver metro area in June. That’s a 1.82 percent decrease from May but a .55 percent increase over last June.
The average home price rose to $454,547, this includes attached and detached homes. The average sales price for a single family detached home hit an all time high at $498,762. Will the average single family home price hit above $500k in 2017? That’s hard to say. Even though we are less than $2000 away from hitting that number, if 2017 resembles 2016, we will not go above the current high. In 2016, June saw the highest average sales price for the year. Prices started dropping in July and August. Denver didn’t see average home prices surpass that of June 2016 until March of 2017. So it will be interesting to see what happens with home prices in the coming months.
The average sales price of a condo in June was $333,800.
Average days on the market was 27 in June. Single family detached homes had an average of 23 days. While attached homes had an average days on the market of 36.
The market biggest boom in June was the luxury condo market. 24 condos sold for over one million dollars last month. This is an increase of 118 percent over June of 2016. The average price of these condos was 1.6 million with an average price per square foot of $550. Sellers of these luxury condos sold at an average 136 percent of list price. Wow!
If you are buying or selling a home in the Denver area, contact me. I would like the opportunity to earn your business!
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