Prices reach all-time highs, while inventory levels remain at record lows
GREENWOOD VILLAGE, CO – May, 4 2016 – The latest data from REcolorado, the provider of REcolorado.com, a free home search site for Colorado home buyers, sellers and renters, reveals that home sales prices have reached another all-time high, while inventory remains at record lows.
The sold price of a Denver-area home continued its record-breaking trend, as it rose in April to an average of $393,615. Average sale price increased two percent month over month and was up nine percent year over year.
Average sold prices saw increases throughout the Denver Metro area, with Elbert, Gilpin, Arapahoe, and Jefferson Counties seeing the largest gains.
More Denver Metro area homes hit the market in April as sellers saw their home values continue to appreciate. April’s active listings of homes for sale increased 12 percent over March, and the number of new listings on the market increased by 12 percent as well. The pace of home sales also picked up, with the number of sold properties up nine percent over March.
“With demand high and homes selling at a record pace, there is no question the Denver housing market remains hot,” said Kirby Slunaker, president and CEO of REcolorado. “Homes are selling in weeks, not months, with condos and townhomes spending an average of just 18 days on the market and single family detached homes on the market for an average of just 27 days.”
As compared to this time last year, inventory levels and days on market are nearly identical, keeping the market very competitive. Year over year, the number of sold homes sold in April was down 12 percent.