May's 2019 Denver real estate trends highlight the strength of spring's busy season while reinforcing the city's continued path toward market balance. The market's seasonality followed historical spring trends, with more homes sold and those sold spending less time on the market than in months prior. However, these very same year-over-year trends depict a continually balancing market between Denver home buyers and sellers. But to be clear, this stabilizing market continues to support both monthly and yearly home equity increases, with the average single family home price reaching $553,371 last month.
Denver's Spring Home Market
Springtime is real estate time and the metro Denver area is warming up, right along with The Mile High City's sunny skies. April 2019 saw a 4% increase in homes sold as compared to March and homes spent 12.5% less time on the market. As further evidence of this busy real estate season, the green of spring made its way to home prices as well, with a 4% increase since last month.
Year Over Year Real Estate Trends
Despite spring's buzzing home buying and selling activity, the market continues its months-long move from a strong seller's market to a moderate seller's market (at most price points). With 35% more homes to choose from than in May of 2018, buyers can be more choosy than before. This may be why Denver homes are spending an average of 33% longer on the market than a year ago and the number of sold homes has decreased by 7%. But, although Denver's housing inventory is climbing out of the shortage of years past, there's still some way to go before the buyer/seller playing field is equal. According to the Denver Metro Association of Realtors, the metro area only offers 1.5 months of active inventory - we're still a far cry from the 5-6 months of inventory required for a completely balanced market (where buyers have as much power as sellers).
Other Notable Denver Real Estate News
- Homeowners likely received property valuation notices in their mailboxes last month. Although valuation increases were the norm, most homeowners saw lower increases as compared to years prior.
- Mortgage rates experienced a decline since last spring, with a 0.3% decrease, year-over-year.
- On average, homes are selling for 99% of list price!
Thank you toShelley Conger,Live Urban Realtor, for starring in our May market stats video.
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2019 Denver Real Estate Predictions
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