Compared to the previous month, the metro-Denver residential real estate market experienced increases in virtually every category including active listings, new listings, homes under contract, homes sold and closed, and overall sales volume. While the average and median sales prices were also up in April, it was only a two percent and 1.45 percent increase respectively.
œClose your eyes and imagine the opening chords to the Rolling Stone's song 'Start Me Up' and it will surely do two things put a smile on your face and get you pumped up! said Anthony Rael, Chairmanof the DMAR Market Trends Committee and Denver real estate agent. œOur Spring real estate market gives me that feeling because it is off to a great start as evidenced by statistical increases in just about every category. I'm happy to report the rate of appreciation actually slowed down a bit which could indicate prices may be leveling off moving into the summer months.
By the numbers, for the entire residential market (single-family and condos), April closed out with 5,221 active listings representing a 16.5 percent increase in inventory over the previous month and four percent over the previous year.Month over month, new listings are up 12 percent to 6,387, homes under contract are up nine percent to 5,153, and homes sold and closed are up one percent to 4,312. Average and median sold prices of homes edged up again from the previous month with smaller gains of two percent to $398,663 and 1.45 percent to $350,000 respectively. Total sales volume in the residential market year to date was approximately $5.7 billion, up 9.5 percent compared to 2015.
The single-family market saw new listings jump to 4,702, representing a 13.38 percent increase month over month.Average and median sold prices bumped up from the previous month with increases of 2.7 percent to $443,950 and 2.4 percent to $385,000 respectively.Year over year, single-family home prices were up 10 percent.
The condo market showed the supply of new listings increase eight percent to 1,685 units over the previous month, while the average and median sold prices posted mixed results of -0.07 percent to $286,606 and increased two percent to $240,000 respectively.Year over year, condo average and median sold prices were up 12 percent and 17 percent respectively.
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