Home sales in Denver continues at record pace in April

Home sales in Denver continues at record pace in April hitting a new record of $553,371 for single family homes despite the inventory is up 36% from a year ago. In the past four years, active listing at the end of April were in the low 5,000’s, however, overall there is only 1.5 months of single family houses inventory and 1.49 months of condo inventory. That is much lower than the 5.6 months of inventory needed to equalize the market between buyers and sellers.

The Metro Denver area had a total of 7,518 new listings hit the market in April, up 21.88% from March, while homebuyers put 18.76% more homes under contract month-over-month. Average days on the market was 28 days, which is about 32% longer than a year ago. The average condo sold price in April was $368,565, up 2.26% from March and up 2.17% year to date.

For the luxury segment which is homes sold and closed for $1 million or greater, a total of 243 homes sold in April, up 32.2% from March and up 4% from a year ago. The total dollar volume for the luxury segment year to date is already over $1 billion, up 1.61% from last year and up 41.47% from 2017.

Home sales in Denver for March also saw an increase with the numbers of homes going under contract increasing to 27.39% from the month prior, and up 4.27% year-over-year. The number of new listings (single family and condos) was up 21.75% from February while average days on market was 31 days.