Single Family Average $692,900 Up 28% YoY
Condo/Townhome Average $441,852 Up 17% YoY
First to Know | Greater Metro Denver Real Estate Stats
Wow, incredible to see the average price of a single family home in the Greater Metro Denver area up 28% to almost $700k. One of the driving factors is buyers willing to pay above asking and appraisal price to get into a home in this limited market. This topic has been the talk of the town this Spring, so here’s a price bracket breakdown of homes sold during April and the percent of properties that closed over the asking price:
Supply – Active Listings
While active listing remains at a slim 2,390, we did see a large improvement over March – up 12% month-over-month. Demand and interest rates remain the driving factors of our low inventory.
2,390 Active Listings – Down 70% YoY
New Listings
New listings saw another good month with 6,389 new homes that come onto the MLS. Keep in mind that during April of last year was when the Stay-At-Home order took effect, so not surprising to see that we were up 50% year-over-year. This data is a great reminder that sellers are out there ready to list!
6,389 New Listings – Up 50% YoY
Demand – Pending Sales
April’s demand was out-of-this world! Again, looking at the year-over-year data doesn’t give us the greatest insight because of the Stay-At-Home order in April of last year. So, looking at where we are compared to 2019, really gives us a better sense of how our market is doing compared to a “normal” year. Even still you can see that this year’s demand has continually been above what we’ve seen in the past two years.
5,735 Pending Sales – Up 96% YoY
Percent of Closed to List Price
High demand calls for high sold prices. We are continuing to see increasing sold to list price ratios – in fact – sellers are getting over-asking price 72% of the time. If we continue on the seasonal cycle, we can anticipate to see this number continue to grow into the summer months.
Days in MLS
Days in MLS bottomed-out in April, down to only 13 days. Demand continues to be the driving factor in our fast-paced market.
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. 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.
© J. Renshaw / 2020 Land Title Guarantee Company. All rights reserved.
