April Brings Record Home Prices, Recolorado

 

Posted by Damon L. Chavez on Thursday, May 5th, 2016 at 9:55am.

May 5, 2016 / Denver Real Estate Watch  

April brings record home prices, REcolorado reports.  Inventory levels at record lows for an April.  Homes selling in weeks, not months.

Record highs, record lows.

The trend continued in April, as Denver-area home prices continued to climb, topping the previous record set in March, according to a report released on Monday by REcolorado.

Meanwhile, with only about 6,100 active listings on the market, inventory levels were 11.7 percent higher than the previous low set in March.

However, the 6,109 active listings on the market was the lowest it has ever been for an April, according to an analysis of the Metrolist data by Denver Real Estate Watch.

There were more than 10,000 unsold homes on the market in April 2012. And buyers had almost 18,000 homes to choose from in April 2011.

Meanwhile, the average price of a sold home last month  was $393,615, 1.6 percent higher than the previous record of $387,547 set in March, according to Metrolist.

The average price was up 8.9 percent from $361,438 from a year ago.

The median, or middle price, also set a record of $344,950, a  1.5 percent increase from $340,000 in March, and up 9.5 percent from $315,000 a year earlier.

Some 6,917 new listings hit the market last month, an 8.2 percent drop for the 7,535 new listings that came on the market in April 2015, but a 12.3 percent gain from the 6,083 in March.

A home spent an average 25 days on the market before selling in April, unchanged from a year earlier, but 19.4 percent faster than the 31 days on market in March.

“With demand high and homes selling at a record pace, there is no question the Denver housing market remains hot,” said Kirby Slunaker, president and CEO of REcolorado.

“Homes are selling in weeks, not months, with condos and townhomes spending an average of just 18 days on the market and single family detached homes on the market for an average of just 27 days,” Slunaker said.