Prices Rise While Activity Remains Steady

Rising.

Steady.

Those two words sum up the metro Denver residential real estate market.

The “rising” part is, of course, about home values. A typical single-family home sold for $445,961 in May – a 7.50% increase from May 2015. The average multi-family home was up 13.51% and was just shy of the $300k price tag.

The 12-month moving average, which is a good indicator on longer term price trends, has the average residential property going up at 9.82% annually.

The “steady” part is related to market activity. The inventory of homes available for purchase is staying consistent with last year and the same is true for the number of homes going under contract and closing in a given month.

The stats for May are a great example. We ended the month with 5,490 closed sales and 6,606 properties available for purchase, while 6,667 houses went under contract during the month. All of these numbers are within 1% of where they stood in May of 2015.

Here’s the summary of market performance this May compared to May of 2015:

The stats above are for sales activity in Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert and Jefferson counties. It includes home sales handled by real estate agents through Metrolist/REColorado®, Inc., the MLS system serving the metro Denver area.

You can see a more extensive breakout between the single family and multi-family segments of the market by clicking on the links at the end of this post. Be sure to take a peek.

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.