Single Family Average: $693,808 (Up 30% YoY)
Condo/Townhome Average: $444,575 (Up 21% YoY)
The strong sellers market continues with the average price of a single family home in the Greater Metro Denver area up 30% year-over-year to $693,808. Buyers continue to flock to Denver metro and are willing to pay top dollar, as well as agree to unique concessions in order to get to a closing. The Denver metro real estate market in 2021 continues to be unlike anything we have seen in previous years and defies prior trends. As was the case for April, keep in mind that year-over-year data is based on a unique pandemic year. Below is a breakdown of homes sold during May and the percent of properties that closed over the asking price.
Supply – Active Listings
How low can we go? Active listing are down to 1,878 which is 6,179 less than May 2020.
1,878 Active Listings – Down 77% YoY
New listings are down nearly 6% month-over-month and 9% year-over-year for a total of 6,037. So far, 2021 has been anything but typical for real estate and May was no exception. While new listings are definitely coming onto the market, they are moving very quickly!
6,037 New Listings – Down 9% YoY
Demand – Pending Sales
Denver continues to be a hot place to live. While the year-over-year data doesn’t give us a full picture because of the pandemic in 2020, we have seen very strong buyer demand for the last two years.
6,450 Pending Sales – Up 6% YoY
Percent of Closed to List Price
We are seeing an incredible 105.3% closed price to list price.
105.3% Close to List Price – Up 6% YoY
Days in MLS
As you have seen and heard, homes are moving fast! In May, 11 days was the average homes spent in the MLS.
11 Average Days in MLS – Down 50% YoY
Greater Metro Denver includes the following counties:
- Arapahoe, Adams, Broomfield, Denver, Douglas, Elbert and Jefferson
- Reports are based on information from REColorado®, Inc. for the period shown in title. Note: This representation is based in whole or in part on content supplied by REColorado®, Inc. REColorado®, Inc. REColorado®, Inc. does not guarantee nor is in any way responsible for its accuracy. Content maintained by REColorado®, Inc. may not reflect all real estate activity in the market. •Information deemed reliable but not guaranteed.
Written by J. Renshaw / Land Title Guarantee Company. All rights reserved.