REcolorado.comjustreleased its May 2015 report on the Denver-area housing market. The report showed the continuation of a strong 2015 selling season.
Sustained increases in demand kept Denver home sales in positive territory in May, with the number of sold listings rising for the fourth consecutive month. The number of homes sold in May reached 4,953, a 12 percent month-over-month increase and a 13 percent decrease year over year. Year-to-date, the cumulative number of sold listings is consistent with levels seen at this time last year.
The price of a single family home in the Denver area saw an increase in May, driving sold price to another record high.After eclipsing $400,000 last month, the average sold price for a single family detached home continued its upward climb, reaching $416,495 in May, a four percent increase over last month and a 12 percent increase year over year. The average sold price for a condo/townhome was $262,657 in May, two percent higher as compared to last month and 15 percent higher than a year ago.
Colorado continues to see strong economic, employment, and population growth, which is bringing consumers to the market ready to buy newly-listed homes before the supply is replenished, said Kirby Slunaker, president and CEO of REcolorado. While spring is traditionally the setting for a strong market, low housing supply and growing sales are the key drivers behind our short sales cycle and rising home prices.
Even with growth in May, Denver Metro inventory levels remained low as demand continued to outpace supply. At May month end, 6,909 active listings were on the market, an increase of 12 percent as compared to last month, but 17 percent lower than May 2014. The number of new listings that came on the market, 7,561, was flat compared to last month, keeping the supply of inventory at just six weeks in May.
Denver's competitive housing market and high demand is keeping the sales cycle among the shortest in the country. On average, Denver area homes for sale spent just 21 days on the marketthree days less than last month and nine days less than last year. Approximately two-thirds of the new listings that came on the market in May were also sold in May.
For more information about these statistics, or anything that you might need in the Greater Denver Area, please contact us.
Thanks to Live agent Stacey Rohrer for presenting this month's market report.
Video cred: Fluxus Maximus Productions.
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