Latest Metro Denver Home Stats Are a Rocky Mountain High
- Denver is known as the Mile-High City.
- Colorado is famous for its Rocky Mountain High.
- More recently, we’ve become known for another kind of “high” associated with legalized marijuana.
Now we can add a 4th high – record high home prices.
You may have seen the article in the Denver Post about home prices exceeding the $400,000 mark. In particular, the price of the average single family home closed in April in the seven county Denver metro area stood at $401,520 – an all time high.
At Colorado Home Realty, we watch the housing stats like a hawk. So here are some additional details beyond the headline in the newspaper.
The average price for ALL homes closed in April was $361,104 and this is a 10.99% increase from April of 2014, when the average price was $325,362.
The number of homes sold remains strong and is ahead of last year’s record setting pace. Almost 5,000 homes closed (4,959 to be exact) this April versus the 4,767 homes that closed in the prior April. That’s a 4% increase.
Another indicator of strong home sales is the number of homes that went under contract in April. There were 6,391 homes that did so, an increase of 10.08% over the properties that got snatched up in the same 30-day period a year earlier. This means that closed sales for May will likely exceed the number that closed in the previous May.
Inventory was better, but still a challenge. The number of homes on the market at the end of April was up by almost 1000 properties over where it stood at the end of March, but is about 27% less than it was twelve months ago.
Keep this in mind: The numbers above lump all of the single family and multi-family homes sales together. You can see a breakout between the single family and multi-family segments of the market by clicking on the links at the end of this post. Doing so will give you some interesting insights – like the fact the multi-family properties are appreciating at a faster rate than the typical single family house.
One more thing: We can produce a report like the ones at the end of this post for your little corner of world. We have stats down to the zip code level. The market is not uniform and some parts of the market are performing better or worse than the average.
So find out what is going on in your locale. Whether you live in a condo in the suburbs or a downtown loft or a sprawling estate in Cherry Hills village, we’ve got you covered and can give you a summary of real estate market activity and trends for your type of property in your specific geographic location.
courtesy of Mike Cooke @ Colorado Home Realty