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 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.
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