Average home price in Denver hit a record high in May at $555,482.

Average home price in Denver hit a record high in May at $555,482 for average single family homes, while the housing inventory in Metro Denver recorded the highest level since 2013. Active listings for the month of May ended at 8,891 homes for sale, which is the highest end of month number of active listings since November 2013 when buyers had 9,352 choices.

In May, there were 8,789 new listings, up 16.97% and 38.12% from the previous month and year, respectively. At month’s end 6,470 homes went under contract, up 5.65% and 10.5% from April and last year. To put this in further perspective, the inventory in Denver area real estate market was at 26,333 active listings in May 2008.

The average home price for sold single family home in the 11 county metro area year to date was $534,577 in May, up 1.45% from last year. The median home price hit a record breaking $450,000 for the first time, up 1.112% from this point in 2018. Furthermore, the average sold price for condos year to date bumped up 3.11% compared to last year to $364,134, and the year to date median price topped out at a high of $301,500.

Year to date, the average days on the market for homes took 32 days to sell compared to 26 days last year.  The close to list price ratio dropped to 99.35% year to date.

For the luxury segment, a total of 262 homes sold and closed for $1 million or greater – up 5.22% from April and 3.15% year over year. The closed dollar volume in the luxury segment year to date was $1.44 billion, up 5% from last year.