|The metro Denver real estate market continues to show rising homes prices due to increased demand coupled with a low inventory of homes on the market.
The latest stats show that 12% more single family homes sold over the last twelve months compared to the same 12-month period a year ago. At the end of February, there were only 5500 single family resale homes on the market — barely a two month supply of homes since more than 2700 single family homes went under contract in February. As a result of these factors, price appreciation has been over 9% over the last 12 months. The 12-month moving average sale price for single family homes stood at $333,983.
The stats in the condo and townhouse marketare a virtual carbon copy. Demand is up by more than 22% while the number of properties on the market is up just slightly from a year ago. Price appreciation in this category has been close to 11% over the last 12 months. The average price for a condo/townhouse stood at $201,869 at the end of February based on the 12-month moving average.
We like to use the 12-month moving average figure for looking at price trends. It is not a number you see reported much in other places. Without getting all Bill Nye, the Science Guy nerdy about this, just know that the 12-month moving average takes 12 months of sales data and averages them together to produce a number that takes out seasonal fluctuations. As a result, a chart of 12-month moving average sale prices gives you a true price trend. Check out the linked charts CHART 1 or CHART 2 to see metro Denver real estate price trends.
The market in your particular area may be doing better or worse. I’ve got stats like the linked tables and charts above for every single zip code in metro Denver. I’d love to send you the data for your part of town. Just give me a call.