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Denver-area home prices holding steady year-over-year; inventory up significantly

Report: Denver is 14th most unaffordable real estate market in US; 18th in North America
Posted at 11:25 AM, May 03, 2019

DENVER — The number of homes for sale in the Denver metro area was up significantly in April and the median sold price remained unchanged year-over-year, according to the latest data from the Denver Metro Association of Realtors.

In its monthly housing report, DMAR reported the median price for all residential properties — both single-family detached homes and condos — was $420,000 in April. That’s up slightly from March but is unchanged compared to the same time last year.

While the median held steady, the average home price, which tends to be higher, continues to increase and hit a new record high of $553,371 for single-family homes, DMAR said.

For anyone looking to buy a home in the Denver area right now, the real good news is the increase in the number of homes to choose from. April ended with 7,012 active listings, an increase of more than 11 percent from March and a nearly 36-percent increase compared to April 2018.

The biggest increase in inventory was in the condo market, which has seen a 62-percent increase in active listings year-over-year.

Despite the big gains in housing stock, the Denver area is still very much a seller’s market, according to DMAR Market Trends Committee chair and Denver-area Realtor Jill Schafer.

“Overall there is only 1.5 months of single-family housing inventory and 1.49 months of condo inventory,” Schafer said. “That is much lower than the five to six months of inventory needed to equalize the market between buyers and sellers.”

Historically, April has seen an average of more than 15,000 active listings.

Homes also took longer to sell in April, spending a median of 12 days on the market last month compared to six days in April 2018.