May was another record breaking month in the Denver real estate market. Once again we saw an all time high in the average home price at $449,736, this is up 9.83 percent over last year and up 2.84 percent from April. The average price for a single family home came in at $490,700. And $317,082 for attached homes. (condos, townhomes)
Home prices in the Denver area just continue to rise. Of all the available listings on the market only 41 percent are priced below $500,000. This keeps the competition high for homebuyers in this price range. Homebuyers need to be prepared to enter into multiple offer situations. And it’s important to shop for homes a bit below budget in order to leave room to compete. Recently I held an open house. In talking to homebuyers throughout the day, all had put in offers on homes but had yet to win one. One couple had put in 20 offers already. 20 offers is not the norm, but be prepared to be part of a bidding war is important. Watch the video below for some strategies.
Another record that was broke in the month of May were homes that sold for over 1 million dollars. 179 homes sold in May priced at over 1 million. This is up 38 percent from last year and 21 percent over April 2017.
There were 5,895 active listings in May, up 7.81 percent over last year and 9.96 percent over the previous month. New listings were also up, 6.39 percent over last year and 9.82 over April 2017.
Along with a higher inventory, homes going under contract and sold homes are also up. Homes that went under contract in May were up 12.71 percent over last year and 5.2 percent over April. Sold homes increased 1.9 percent over last year and 11.48 percent over last month.
Buying or selling a home in the Denver area? Contact Courtney Murphy, your local expert!
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