DMAR Real Estate Market Trends Report | MAY '14
“The Denver metro area market remains strong despite continued low inventory levels,” said Anthony Rael, Chairman of the Denver Metro Association of REALTORS® Market Trends Committee. “The low supply of properties and high buyer demand can be overcome as we're starting to see more seller-contingencies listings, which can provide sellers with the extra time they need to move on. Buyers who are patient or flexible with these types of sales are able to land some great opportunities.”
Inventory continued to remain low at the current sales rate. The inventory of available homes for sale is 6,305 homes at April month end. 6,529 homes came onto the market, 5,134 homes were placed under contract, and 4,340 homes closed at a median sold price of $275,000 and an average sold price of $327,339 resulting in a closed dollar volume of $1.4 billion. Days on the market continued to see a strong downward trend with single-family homes remaining on the market for 42 days, and condos for 35 days. Overall, the Denver home market continues to have less than a two-month supply available for sale at the current sales rate.
The findings conclude that active listings remain stable, days on the market decreased, and multiple offers are back in April 2014 compared March 2014. The median home price climbed from $257,000 to $275,000 in April 2014 compared to April 2013. Counties with the most active listings (single family and condo) are Douglas, Jefferson, Arapahoe and Denver.