Just like April showers bring May flowers, April’s gloomy home sales (down 7.39% from March) led way to a 11.48% bloom in May. Both single family and condos saw heightened activity with increases of 13.48% and 6.62% respectively.
Residential Active Inventory continued to rise alongside spring temperatures with a 9.96% increase over April 2017. Year-over-year, we also saw an upswing of nearly 8%, but the number of listings is still much closer to the record low (5,463 in 2016) than the record high (30,457 in 2006) when examining the month of May from 1985 to present. Though sparse inventory typically encourages high competition, closing price versus listing price was nearly identical for both single family and condos for the month of May 2017, and average and median sold prices were relatively stagnant compared to last month.
Homes are now on the market less than a month as the average dropped from 33 days in March to 29 in April. Condos lagged behind single family homes with an average of 34 days on the market compared to 27. When sales for more than 300 condo units open later this year at The Coloradan, a new development near Union Station, we’ll expect to see a change in these numbers.
A new consumer survey by Taylor Morrison reveals that the majority of homebuyers believe the concept of the “forever home” is passé. As lives change with age, homeowners want their living quarters to evolve concurrently. If you anticipate your real estate needs shifting every decade or so, finding a broker you can trust is crucial. Let us help you through the selling or buying process today so that when a new life stage calls for a change of domicile down the road, you’ll know who to turn to! Get in touch via our contact form or give us a call at 720-935-0412.
Note: All data has been sourced from the June Denver Metro Real Estate Market Trends Report compiled by the Denver Metro Association of Realtors and includes 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park.