Homes on the market hit a new record low for the month of May at 5,463 active listings.
As reference, the average number of active listings in the month of May is 16,981 (1985-2015). The record high May was in 2006 with 30,457 listings, and the record low May was 2015 with 5,657.
œOngoing inventory shortages are now spreading across the country, said Anthony Rael, Chairmanof the DMAR Market Trends Committee and Denver real estate agent. œAnd here we are setting yet another new record low for inventory in May.
While active listings are only down 3.43 percent year over year, this is the time of year when inventory grows until the market hits its peak in August and September according to Rael.
He comments, œIf things continue at this pace, that's certainly not going to happen and the unprecedented real estate rat-race in the Denver-area rolls on like a Harley on its way to Sturgis.
By the numbers, for the entire residential market (single family and condos), the total sales volume was $7.8 billion year to date, up 8.52 percent compared to last year. Month over month, 6,788 new listings came on the market (up 6.28 percent), 5,857 homes were placed under contract (up 13.66 percent) and 4,861 homes sold and closed (up 7.40 percent). The month closed with 5,463 active listings representing a 4.64 percent increase in inventory over the previous month but a decrease of 3.43 percent over the previous year.Average and median sold prices edged up again from the previous month with appreciation gains of 3.72 percent to $412,433 and 3.43 percent to $362,000 respectively. Year to date the total sales volume was $7.8 billion, up 8.52 percent compared to last year.
For the month-over-month single-family home market, new listings jumped to 5,038, representing a seven percent increase over the previous month.Average and median sold prices bumped up from the previous month with increases of 3.07 percent to $456,018 and 3.55 percent to $398,000 respectively. Year over year, the single-family average sold prices were up an average of 8.34 percent. The condo market showed the supply of new listings increased slightly at 3.86 percent to 1,750 units over the previous month, but that was a steep decrease of 10.53 percent from the previous year.The average and median sold prices posted gains of 5.10 percent to $300,348 and 2.08 percent to $245,000.Year over year, average sold prices were up 15.19 percent and 13.69 percent respectively.
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