DENVER (KDVR) — The Denver Metro Association of Realtors market trends report shows 16 sales related records were broken last month. One of the records is the average price of homes being sold.
In April, single family homes sold for an average of $623,825. The previous record was in March 2021 of $587,484.
“Denver is appreciating at 11.2% and is the hottest market in the country with real estate valued at 78% higher than it was in our 2008 peak,” said Nicole Rueth with Fairway Independent Mortgage Corporation.
The increase in price is a matter of supply and demand.
“We are in the midst of a housing frenzy in the Denver metro areas right now with low supply and high demand,” said Robin Sawyer, a realtor with 26 years at RE/Max.
At the end of April there were 2,594 residential properties on the market which represents the lowest April on record according to DMAR. The previous low was in 2015 with 5,025 active listings.
“To sellers, the market is strongly in your favor if you’re looking to cash out at a high time,” said Sawyer. “If you’re staying in the Denver metro area, you’ll want to do your homework up front and be ready for the challenges of the buyer side position.”
The metro area continues to be a seller’s market including properties listed at $1 million and more. According to the DMAR report, luxury properties or those valued at over $1 million dollars are the fastest selling property across Colorado.
According to the report, “…the luxury market has experienced more growth than any other segment. In 2018, 2019 and 2020, year-to-date closed sales of properties over $1 million were 649, 654 and 661, respectively. So far, in 2021, there have been 1,353 closed sales, more than double the number of the past three years.”
Historically, spring is a time when more homes are put up for sale, but buyer demand means the market trends will continue in Colorado for now.
“Inspections are being waived and cash over appraised value offered. If a buyer doesn’t get out to see a new listing in the first day or two it’s likely that all of the showing slots will be filled and you won’t even have the opportunity to see it in person,” said Sawyer.