No Surprise with Latest Stats on Metro Denver Home Sales

Father’s Day and the first day of summer will both arrive on Sunday. Other than this mildly interesting oddity, everything going on in the Mile High city right now is the expected norm:

• • Schools are out.

• • The Rockies are struggling.

• • Home prices are up.

That’s right. If you are looking for something out of the ordinary, you won’t find it in the latest stats on real estate trends in metro Denver. They’re pretty predictable. Here’s a brief summary:

The average price for ALL homes closed in May was $373,549 and this is a 12.30% increase from May of 2014, when the average price was $332,640.

Home sales remain strong. We’ve seen 20,819 closed transactions through May of this year compared to 20,358 closed deals in the same period in 2014. That’s a 2.26% increase and puts us on track to see around 57,000 resale homes change hands this year.

Another indicator of strong activity is the number of homes that went under contract in May. There were 6,706 homes that did so, an increase of 8.88% over the properties that got snatched up in the same 31-day period a year earlier. This means that closed sales for June will likely exceed the number that closed in the previous June.

Inventory was better, but still a challenge. The number of homes on the market at the end of May was up by about 450 properties over where it stood at the end of March, but is about 29% less than it was twelve months ago.

The numbers above, as they are every month on this blog, are for homes handled by real estate agents through the metro Denver MLS system. We lump all of the single family and multi-family homes sales together to give you a feel for the overall market.

We don’t, however, stop there. You can see a breakout between the single family and multi-family segments of the market by clicking on the links at the end of this post. Take a look.

If you like the look of those reports, we can produce one for you that is specific to your zip code and property type. The market is not uniform. Your part of town may be doing better or worse than the metro-wide averages.

Give us a call for one of those zip code reports on the area where you live or for the area to which you’d like to move. While the trend is undoubtedly upwards, the actual numbers just might give you a little adrenaline rush.

• • Single Family Homes May 2015

• Multi Family Homes May 2015