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April 2016 Metro Denver Market Update
Denver-area home prices may be leveling off this summer.Compared to the previous month, the metro-Denver residential real estate market experienced increases in virtually every category. While the average and median sales prices were also up in April, it was only a two percent and 1.45 percent increase respectively.By the numbers, for the entire residential market (single-family and condos), April closed out with 5,221 active listings – representing a 16.5 percent increase in inventory over the previous month and four percent over the previous year.Month over month, new listings are up 12 percent to 6,387, homes under contract are up nine percent to 5,153, and homes sold and closed are up one percent to 4,312. Average and median sold prices of homes edged up again from the previous month with smaller gains of two percent to $398,663 and 1.45 percent to $350,000 respectively. Total sales volume in the residential market year to date was approximately $5.7 billion, up 9.5 percent compared to 2015.
The single-family market saw new listings jump to 4,702, representing a 13.38 percent increase month over month.Average and median sold prices bumped up from the previous month with increases of 2.7 percent to $443,950 and 2.4 percent to $385,000 respectively.Year over year, single-family home prices were up 10 percent.
The condo market showed the supply of new listings increase eight percent to 1,685 units over the previous month, while the average and median sold prices posted mixed results of -0.07 percent to $286,606 and increased two percent to $240,000 respectively.Year over year, condo average and median sold prices were up 12 percent and 17 percent respectively.
Our monthly report also includes statistics and analyses in its supplementalLuxury Market Report(properties sold for $1 million or greater),Signature Market Report(properties sold between $750,000 and $999,999), andPremier Market Report(properties sold between $500,000 and $749,999).In April 99 homes sold and closed for $1 million or greater – up 22 percent from the previous month and up 34 percent year over year. The closed dollar volume last month in the luxury segment was $153,074,988, up 27 percent from the previous month and up 32 percent year over year.
Total sales volume in the luxury segment increased 27 percent month over month; year to date, that reflects increases of 26 percent compared to 2015 and 59 percent compared to 2014. While the luxury condo market got doused month over month with the number sold down 29 percent from March, year to date the number sold is up more than 72.22 percent from 2014 and 2015.
The highest priced single family home sold in April was $3,950,000 representing six bedrooms, nine bathrooms and 8,591 above ground square feet in Cherry Hills. Both the listing and selling agents are DMAR members. The highest priced condo sold was $1,650,000 representing four bedrooms, four bathrooms and 3,540 above ground square feet in Denver. The listing agent is a DMAR member.
The DMAR Market Trends Committee releases reports monthly, highlighting important trends and market activity emerging across the Denver metropolitan area. Reports include data for Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park counties. Data for the report was sourced from REcolorado®and interpreted by DMAR.
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Michael has been a Real Estate Broker in the Denver area for 17 years. With over hundreds of closed transactions under his belt he is a wealth of knowledge. Michael is skilled at contract negotiatio....