Posted on June 6, 2019 - 09:00 AM
by CO Dream Homes
Month of May Recorded Highest Housing Inventory in Metro Denver Since 2013 and Record-breaking Average Single-family Home Price
In May, there were 8,789 new listings, up 16.97 and 38.12 percent from the previous month and year, respectively. At month’s end, 6,470 homes went under contract, up 5.65 and 10.5 percent from April and last year, respectively. Notably, the average single-family home price reached a record-breaking $555,482.
“Even with all of those offers written and accepted, we still ended the month with 8,891 homes for sale,” said Jill Schafer, Chair of the DMAR Market Trends Committee and Metro Denver Realtor®. “That’s an important number to note. It’s the highest end-of-month number of active listings since November 2013 when buyers had 9,352 choices.”
For further perspective, inventory in the Denver-area real estate market was at 26,333 active listings in May 2008.
Schafer adds, “The market has been experiencing a drought of new homes for years, so the increase in inventory is a welcome relief for thirsty buyers. Sellers have been experiencing an unprecedented increase in values. Even with the added inventory, prices were still up a bit.”
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