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Single family home prices set a record high of $543,058 in April

single family home

Single family home prices set a record high of $543,058 in April

Single family home prices set a record high of $543,058 in April while the median reached $455,000 respectively. The homebuyer demand remains robust and even with the 4.88% surge in new listings from last year, homes in Denver continue to sell really fast with an average of 20 days on the market. Active listings in the residential market (both single family and condos) were at 5,160 in April however, the number of sold listings did decrease by 4.88% compared to the previous month and 8.97% year over year. Year to date, 15,387 homes have sold, down 4.27% from 2017.

The condo market continues to see a steady drop in days on the market too, decreasing to 18 days compared to 19 days year over year. The most active price segment for the single family market was the $500,000 to $749,000, and $200,000 to $299,000 for condos.

In the single family home segment, there are more listings now available between $500,000 to $749,999 than all of the price ranges below $500,000 combined.

For the luxury market (properties sold for $1 million or greater), in April 196 homes sold and closed for $1 million or greater, up 14.62% month over month and up 33.33% year over year. The closed dollar volume in April for all luxury residential was $303,285,060, 15.69% month over month and up 36.65% year over year. Year to date, a record number of 586 homes priced over $1 million have sold, up 36.28% over last year, with a combined sales volume of nearly $892 million, up 37% over 2017. For comparison, at this point in 2014, only 200 homes priced over $1 million had sold.

If you are looking to buy or sell, please give us a call to discuss your real estate needs.