The median price of a single-family home sold on the Denver subway in June reached a record $ 600,000, but the surge in new listings contributed to a record monthly increase in the number of homes available for sale, according to the agency. monthly update from the Denver Subway Realtors Association.
The median price of a single-family home sold for the first time in June reached $ 600,000, meaning half of the homes were sold at a price higher than that and half at a lower price. This is 1.3% more than in May and 25% more than last year. The average price was $ 728,385, which is also a record.
For condominiums and townhouses, the average selling price was unchanged from May at $ 380,000, up 16.9% year-on-year.
The 2,137 single-family homes available for sale at the end of June were almost 60% higher than in May, and the active inventory of condominiums and townhouses rose 33.3% from the prior month to 985. Collectively, the Denver area saw a decline prices. A 50.5% increase in active stocks, a new record monthly gain and six times the average 5.9% gain from May to June.
“Big percentage changes can happen when you start from the low inventory levels we are seeing. The impact of the increase will be felt by both buyers and sellers, ”said Andrew Abrams, chairman of the DMAR Market Trends Committee, in a commentary to the monthly report.
A large factor in the increase in stocks was the increase in the number of new offers on the market. They were up 23.9% from the previous month, reflecting the higher comfort level among sellers when it comes to listing their homes. The increase in new offers exceeded 9.23% increase in the number of closed properties, which allowed the inventory to grow.
“Although I had one deal last month that was $ 75,000 higher than the asking price, I also had two other buyers who bought properties at or below the asking price,” Abrams said. Sellers who are almost guaranteed a final price above the list price cannot assume there will be more.
Local housing market with signs of coolingbut remains extremely tight. The number of apartments and houses for sale decreased by 51% compared to June last year. And the average active stock for June since 1985 is 16,098, so the market has a long way to go to return to historic supply levels.
But there is a feeling that after months of extreme imbalance between supply and demand, which led to a string of broken records, moderation may return to the market.
“In a year of custom coloring, we may have just started drawing inside the lines,” Abrams said.