Highlights:
- REcolorado releases its May report.
- REcolorado is the largest MLS in Colorado.
- Report shows records home prices, record low inventory for a May.
REcolorado May report shows trend of rising home prices continue, with another record set last month.
Denver-area home prices soared to a new record last month, while the inventory of active listings fell to a record low for a May, according to a REcolorado report released today.
The good news for the housing supply, however, is that the number of active listings rose 12.4 percent to 6,909 in May from 6,149 in April.
Meanwhile, the average sold price of all sold homes in May was $374,890, a 12.5 percent increase from $333,249 in May 2014. Prices also were up 3.6 percent from $261,953 in April.
The median price of all sold homes in May was $325,00, a 17.3 percent increase from $277,000 may 2014 and a 3.5 increase from $314,000 in April.
A snapshot of inventory in the Denver area. Source: REcolorado
After eclipsing $400,000 in April, the average sold price for a single family detached home continued its upward climb, reaching $416,495 in May, about a four percent increase from April and about a 12 percent increase year over year. The average sold price for a condo/townhome was $262,657 in May, two percent higher as compared to last month and 15 percent higher than in May 2014.
There were 4,953 homes sold in may, a 13 percent drop from the 5,694 in may 2014, but a 12.2 percent increase from the 4,416 closings in April.
May did mark the fourth consecutive month of increasing sales from the previous month, which is expected for seasonal reasons.
The price of a single-family home in the Denver area saw an increase in May, driving sold price to another record high. The average sold price of a single family home was $374,890 in May, four percent higher than last month and 12 percent higher than May 2014.
Some 7,561 new listings came on the market last month, a 2.3 percent drop from the 7,742 news listings in May 2014. New listings last month were flat from the 7,566 in April.
“Colorado continues to see strong economic, employment, and population growth, which is bringing consumers to the market ready to buy newly-listed homes before the supply is replenished,” said Kirby Slunaker, president and CEO of REcolorado, Colorado’s largest MLS, with more than 17,000 members.
“While spring is traditionally the setting for a strong market, low housing supply and growing sales are the key drivers behind our short sales cycle and rising home prices,” Slunaker added.
Snapshot of Denver-area housing market. REcolorado released its May housing report today.
Denver’s competitive housing market and high demand is keeping the sales cycle among the shortest in the country, according to Slunaker.
On average, Denver area homes for sale spent just 21 days on the market—three days less than the 21 days in April month and nine days less than the 30 days on the market in May 2014.
Approximately two-thirds of the new listings that came on the market in May were also sold in May.
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