The latest data from REcolorado indicates the average price of a single-family home is continuing to rise, as demand remains strong.
The average sale price of a single-family home climbed above $450,000 for the first time on record, reaching another all-time high. In June, the average sale price of a single-family home in the Denver Metro area was $454,880, an increase of three percent as compared to last month and eight percent higher than this time last year.
The average sold price for a detached home inched closer to the $500,000 mark, reaching $498,892, up seven percent from last year. During the same period the average sold price of a condo/townhome increased 15 percent, reaching $334,256.
“Thanks in part to the strong economy and unemployment numbers that are the lowest in the nation, we’re seeing more buyers with the ability to purchase homes in the higher price ranges, which is driving up average home sales prices,” said Kirby Slunaker, president and CEO of REcolorado. “The number of homes sold in the half million dollar and higher ranges has doubled in just four years.”
Although sales of homes slowed a bit in June, they remain consistent with levels we’ve seen the last five years. Throughout the month, 5,611 homes sold, down slightly as compared to last year and four percent lower than last month. At the current sales pace, there are enough listings on the market to last five weeks. During the month, 6,297 homes went Under Contract, indicating July may be another strong month for sales.
Inventory of available homes for sale reached a three-year high for the month of June. The month ended with 6,941 homes available for sale, a nine percent increase month-over-month and 12 percent higher than this time last year.
Homes continue to sell quickly across the Denver Metro Area, spending an average of just 27 days on the market, two days less than last month and one day more than last year.