Memorial Day Real Estate News
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DENVER – May, 2015 – REcolorado, Colorado’s largest MLS and the provider of REcolorado.com, today released its April 2015 report on the Denver-area housing market. The report, which includes data from REcolorado’s 17,000 members who operate throughout the greater Denver Metro area, showed month-over-month growth in all categories.
The April report shows a welcome increase in inventory as the busy, spring season brought more listings to the market. The number of active listings in April reached 6,149, an increase of 19 percent as compared to last month, but 15 percent lower than April 2014.
Motivated by record-level sales prices, sellers brought a considerable number of new listings to the market. In April, 7,566 new listings came on the market, a 21 percent increase compared to last month and an eight percent increase over April 2014. Still, inventory levels remain low, growing only slightly to a six week supply. According to the National Association of REALTORS®, the current supply of homes nationally stands at approximately four and a half months.
“Improved inventory expanded choices for consumers in April, bringing more buyers to the market and contributing to positive sales,” said Kirby Slunaker, president and CEO of REcolorado. “Consumers continue to come to the market ready to purchase newly-listed homes before the supply is replenished, keeping inventory levels at record lows. At this time, the supply in the Denver area is just six weeks.”
The number of homes sold in April reached 4,416, a seven percent month-over-month increase, but eight percent lower than April 2014. Still, sales are strong as the year-to-date number of sold listings is up one percent as compared to this time last year.
Sold prices continue to rise throughout the Denver metro area. The average sold price of a single family home climbed to $361,953 in April, a two percent increase over last month and 11 percent higher than April 2014.
The average sold price for a single family detached home eclipsed $400,000 for the first time ever, reaching $402,302, a three percent increase over last month and an 11 percent increase year over year. The average sold price for a condo/townhome was $256,589 in April, a slight drop as compared to last month, but 13 percent higher than a year ago.
Denver’s competitive market is resulting in a sales cycle that is among the shortest in the country. Nationally, properties spent approximately 89 days on the market last month, according to the National Association of REALTORS March 2015 Monthly Housing Summary. In the Denver area, with demand exceeding supply, homes were on the market for a much shorter period of time—an average of just 24 days—nine days less than last month and 11 days less than last year.
So, if you would like a market analysis to determine the value of your home please call to get that started. I can also help you to search for your new home as well. Please call our office for a conversation with myself or Erica Hall, our new Office Manager to get things started at 720-870-5321. Ext #4.