as Buyer Demand Remains Strong
DENVER – May 11, 2017 – According to the latest data from REcolorado, the provider of REcolorado.com, the most popular, locally-run home search site for Colorado home buyers, sellers and renters, continued strong demand and low inventory levels across the Denver Metro area pushed average home sale prices to all-time highs in April.
After experiencing a double-digit increase in March, the number of available homes for sale saw another increase in April. At the end of the month, there were 5,825 homes for sale in the Denver Metro area, up 18 percent as compared to last month, but six percent less than this time last year. The month-over-month increase in inventory was a result of sellers bringing new listings to the market—6,587 in April.
Sales held steady in April, despite persistently low inventory levels. During the month, 4,689 homes sold, down one percent as compared to last month, but three percent higher than this time last year.
“Across the Denver Metro area, we continue to see double-digit year-over-year growth in home sales prices, which has pushed our average home sale price to another all-time high,” said Kirby Slunaker, president and CEO of REcolorado. “Our price growth can be attributed to demand from the new residents who are moving to the area, thanks in part to our strong economy.”
April brought another increase in home values throughout the Denver Metro area. In April, the average sold price of a single-family home reached another all-time high, climbing to $436,339, a three percent increase over last month and ten percent higher than April 2016.
The average price for a single family detached home was $484,637, a three percent increase over last month and nine percent increase year over year. The average sold price for a condo/townhome was $318,115 in April, one percent higher than last month and 11 percent higher than a year ago.
In much of the Denver Metro area, demand is exceeding supply, resulting in short sales cycles. The average amount of time a home was actively for sale in April was 33 days, six days less than last month and one day longer than last year at this time.