Denver’s real estate market hits new record low for active listings in May 2016
Homes on the market set another record low in May for Denver’s real estate market at only 5,463 active listings. That compares to the record high of 30,457 active listings in May of 2006. Although active listings are down 3.43% year-over-year, this is usually the time of year when inventory grows until the market hits its peak in August and September.
Total sales volume for both single family and condos was $7.8 billion year to date, up 8.52% compared to last year. The average and median sold prices for both single family and condos also inched up slightly from the previous month with appreciation gains of 3.72% to $412,433 and 3.43% to $362,000 respectively.
New listings for the single family home market jumped to 5,038, which was a 7% increase compared to previous month. For the condo market, new listings increased slightly to 1,750, which was a 3.86% increase compared to the previous month; however this was a 10.53% drop compared to the previous year.
The average and median sold prices single family homes also edged up slightly compared to the previous month with an increase of 3.07% to $456,018 and 3.55% to $398,000 respectively. Year-over-year, single family and condos sold prices were up an average of 8.34% and 15.19% respectively.
Active listings for both single family and condominiums priced at $1 million or higher, reached 946 in May, which was an 11% increase compared to May’s 2015 with 846 listings. Average sales prices for the luxury market however did decline by 3.3% year-over-year, from $1.55 million to $1.5 million in May. Average days on the market however dropped from an average of 122 days in May 2015 to 99 days this year, which was an 18.8% decrease. In addition, the number of sold properties in May increased to 127 or 7.6% compared to last year’s. Closed dollar volume for the luxury market for May was at $191,203,453, up 22.49% from the previous month and up 4% year-over-year.