DENVER METRO REAL ESTATE REPORT - APRIL 2015

The April Market Report for the Denver Metro areashows a welcome increase in inventory as the busy, spring season brought more listings to the market. The number of active listings in April reached 6,149, an increase of 19 percent as compared to last month, but 15 percent lower than April 2014.

Motivated by record-level sales prices, sellers brought a considerable number of new listings to the market.

In April, 7,566 new listings came on the market, a 21 percent increase compared to last month and an eight percent increase over April 2014. Still, inventory levels remain low, growing only slightly to a six week supply.

According to the National Association of REALTORS, the current supply of homes nationally stands at approximately four and a half months.

The number of homes sold in April reached 4,416, a seven percent month-over-month increase, but eight percent lower than April 2014. Still, sales are strong as the year-to-date number of sold listings is up one percent as compared to this time last year.

Sold prices continue to rise throughout the Denver metro area.

The average sold price of a single family home climbed to $361,953 in April, a two percent increase over last month and 11 percent higher than April 2014.

The average sold price for a single family detached home eclipsed $400,000 for the first time ever, reaching $402,302, a three percent increase over last month and an 11 percent increase year over year.

The average sold price for a condo/townhome was $256,589 in April, a slight drop as compared to last month, but 13 percent higher than a year ago.

Denver's competitive market is resulting in a sales cycle that is among the shortest in the country. Nationally, properties spent approximately 89 days on the market last month, according to theNational Association of REALTORS March 2015 Monthly Housing Summary.

In the Denver area, with demand exceeding supply, homes were on the market for a much shorter period of timean average of just 24 daysnine days less than last month and 11 days less than last year.