Denver Real Estate Market Update – June 2018
In May Denver saw it’s first dip in average sales price of a single family detached home. The average sales price came in at $540,624, just slightly lower than the $543,058 we saw in April. I did not expect to see any decrease in average sales price until July but I don’t think this is any reason for concern. And I will be interested to see where this number lands for June. (Average sales price for a single family detached home is up 10.67% over May of 2017)
The average sales price for an attached home (condos, town homes) came in at $356,337. This is a .56 percent increase over April and a 12.86 percent increase over May of 2017.
Active inventory was up in May. The Denver market closed out the month with 6,178 units on the market. This is a 24.75% increase over April. This seems like a significant increase over the prior month however May typically always sees much more listings than April. Active inventory was also up over May of 2017 by 9.19%. Currently Denver has about five weeks of inventory.
6,178 homes went under contract in May. This is up 5.53 percent over April and 3.28 percent over May of 2017.
The average days on the market in Denver was 18 in May. I would also like to mention median days on the market. The median days on the market was just 5 days! That means that half the homes listed in the Denver market went under contract in under five days.
It’s a common story for sellers to list their homes on a Thursday or Friday, show through the weekend and go under contract on Monday or Tuesday. So if you are a homebuyer, prepare yourself for this trend.
Cash offers are common in this market but not just in the lower price ranges. In May the Denver area saw 78 cash deals in the luxury market. A luxury home is one that sells for over 1 million dollars. The highest priced cash deal in May was a home in Boulder which sold for 3.29 million. Wish I had that much cash sitting around!
If you are planning to buy or sell a home in the Denver area contact Courtney Murphy. And be sure to check in next month for your July Denver real estate market update!