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Denver Home Prices Hold Steady, Inventory Significantly Increases


It is no secret that the Denver housing market is booming.  But what does that mean?  The simple explanation is that properties are being bought and sold in significant numbers in a short time frame.  Increasing the inventory in the Denver Metro area, or the number of properties for sale, helps to balance the local housing market between sellers and buyers.  Though the demand for properties is still high in the area, the inventory or supply has increased significantly over the last year.  The median price for a residential property was $420,000 in April which is practically unchanged from April 2018, according to the Denver Metro Association of Realtors.  The good news for potential home buyers is that the number of properties to choose from has risen significantly over the last year.  April 2019 ended with 7,012 active listings, which is a 36 percent increase from 2018.  So the median price of residential property is staying the same while the number of properties has increased by 36 percent.  Denver is still very much a seller's market, according to DMAR Market Trends Committee chair and Denver-area Realtor Jill Schafer.  "Overall there is only 1.5 months of single-family housing inventory and 1.49 months of condo inventory,” Schafer said. “That is much lower than the five to six months of inventory needed to equalize the market between buyers and sellers."  Another statistic worth noting is that houses stayed on the market longer in April 2019 (median of 12 days) than in April of 2018 (median of 6 days).  So houses are remaining around the same price, the inventory is increasing, and the houses are staying on the market for a longer period of time.  The Denver housing market shows no signs of slowing, so whether you are a buyer or seller, we suggest starting the process sooner rather than later.

Source:

https://www.thedenverchannel.com/lifestyle/real-estate/denver-area-home-prices-holding-steady-year-over-year-inventory-up-significantly By Dillon Landfried - May 8, 2019

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