Denver home supply tightens as inventory of available homes and condominiums drops 32% compared to a year ago. Total inventory in March of available homes and condominiums stood at 4,112 compared to 6,098 a year ago. Available detached homes accounted for 3,325 which was a 31% decrease while available condos dropped to 787, a 35% decrease according the Denver Metro Association of Realtors.
In addition, the average home price for a detached home reached $398,578 in March while the median sales price increased to $345,000, up 19% from the $290,000 a year ago. Condos also saw an increase of 22% with the median sales price rising to $210,000 in March, up from $171,500 a year ago. Sales activity in the low-priced homes between $100,000-$199,000 range saw a 9% decrease with 165 homes sold in March while in the $200,000-$299,000 range saw an increase of 14% with 810 homes sold. Meanwhile, the higher-priced brackets between $500,000-$799,000 saw a large jump in the numbers of homes sold with a 44% increase.
Furthermore, home prices in February set another record for single-family homes in the Denver area, up 10% from a year earlier, this was the second straight month metro Denver saw the greatest one-year increase in home–resale prices out of 20 major U.S. markets according to S&P/Case-Shiller Home prices Index.