Homes for sale in Denver sets another record in May
Homes for sale in Denver sets another record in May, reaching $540,624 for single family homes. Average days on the market dropped to 18 days which ties a record low for any month. The year-to-date average sold price hit $523,255 for the single family home market, up 10.96% from last year, with the median sold price at $442,450, up 9.25%. Active listings for the month of May ended with 6,437 including single family homes and condos, an increase of 24.75% month over month. The number of sold listings increased by 6.45% compared to the previous month, however down 10.89% from last year.
Compared to the last housing bubble, May 2007 had an inventory of 29,110 active listings compared to this year’s 6,437.
The condo market continues to outperform single family homes with the average sold price of $356,337, representing a 12.86% increase over 2017. The median price of condos increased by 12.96% year-over-year to $305,000. Furthermore, the condo market continues to see a steady drop in days on market, decreasing to 16 days compared to 19 the month prior.
The luxury market, homes priced over $1 million, continued to growth as well. In May, 229 homes sold and closed for $1 million or greater, up 10.10% month over month and up 21.81% year-over-year. The total closed dollar volume in May for all luxury residential was $343,665,753, up 5.98% month over month and up 22.92% year-over-year.
According to the latest S&P/Case-Shiller Home prices Indices report, Metro Denver’s year-over-year gain in home resale stood at 8.6% in March, which was slightly higher than the 8.4% reported in February.
Homes for sale in Denver are projected to rise faster than the national average in 2018 and 2019 according the CoreLogic’s chief economist Frank Nothaft. His firm expects that the United States home price index will increase in value by 6% per year in 2018 and 2019, however, in Denver, it could be 7 or higher. The average homes price in Denver is up 83% over 2011, compared to a 54% gain nationally, according to CoreLogic figures.
U.S. Needs 7.3 Million More Homes – According to The Up for Growth National Coalition, housing construction has not kept pace with population growth in the U.S. for more than a decade, and in order to stymie shortages across the nation, builders will need to construct 7.3 million more homes.
What are the hottest home buying surnames in Denver and Colorado – In Colorado, the hottest homebuyer last name is Morales, which saw a 70% increase in homes purchased in 2017. In Denver, the homebuyer last name with the biggest increase was Chavez, with 34% increase in 2017.
Colorado town among fasted growing in nation, per new U.S. Census report – Castle Rock is the seventh fasted growing city or town in the U.S. Between July 1, 2016 and July 1, 2017, the town saw 5.1% growth. Its total 2017 population was 62,276.
Downtown Denver celebrates boom – Denver had a record setting year in 2017 and leading into 2018 according to Downtown Denver Partnership’s annual report. Over $2 billion of investment through developments is the in the pipeline, according to the report. In 2017 and through the first half of 2018, $1.35 billion in new development was or is scheduled to be completed. Last year, 17 projects were completed and another 35 are planned. These competed projects added over 4,000 residential units, 7772 hotel rooms and 2.7 million square feet of office space in downtown.