Denver Real Estate Market Update – June 2019
I’ve got some good news for sellers and some good news for buyers in this month’s real estate update.
For the sellers first: home prices are up. In fact, this month we broke another record. The average sales price for a single family detached home came in at $555,482. This was the highest Denver has ever seen.
The average home sales price for both detached and attached homes combined came in at $505,827. This was up 2.07 percent over April and up 3.36 percent over May of 2018. The median sales price came in at $431,00, up 2.26 percent over April and up 2.38 percent over May of 2018.
Now for the good news for homebuyers. Inventory is up! At the end of May Denver had 8,891 homes on the market. This was up 26.8 percent over April and up 38.12 percent over May of 2018. Not only that, this is the highest end of month inventory that Denver has seen since November 2013.
Homebuyer, you are seeing more choices out there!
5,551 homes sold in May. This was up 7.85 percent over April. But down 6.01 percent from May of 2018. Average days on the market in May was 24 days.
Inventory is up but home prices are still rising. What does it all mean?
Although homes prices are still rising, they are rising at a lower year over year rate. We are no longer seeing double digit year over year gains. This is partially due to the increase in inventory. Another reason for the continued gains in home prices is the low interest rates. The average interest rate on mortgages in 2019 came in at 3.99%.
Although homebuyers have more home choices and a bit more negotiating power, home sellers still hold the cards. We are still in a solid seller’s market with under two months of inventory on the market. The Denver real estate market is still hot, it’s just not on fire as we have seen for the past few years.
Feel free to contact me if you would like me to send you the full Denver Real Estate report for June. And by all means, contact me if you plan to buy or sell a home in the near future. I serve the entire Denver area and have experience in both resale and new built home sales.