- MARKET DYNAMICS | Now that the numbers for the Denver Metro residential real estate market for May are in, we can certainly see how low inventory is and how high buyer demand is! Homes on the market hit a new record low for the month of May in the past 30 years at 5,463 active listings. As reference, the average number of active listings in the month of May is 16,981 (1985-2015). The record high for May was in 2006 with 30,457 listings, and the existing record low for May was 2015 with 5,657 listings.
- LUXURY HOMES | In May, we hit new highs in the luxury real estate market, setting records in several categories, including the highest price per square foot ever paid in Denver for an attached home. The winner: A 6th floor condo at the new, posh 250 Columbine in Cherry Creek North (Read our 2015 blog on this bespoke building here). At 3,616 square feet, the price per square foot worked out to be $963, which is 1.7 times the average price per square foot for a condo years-to-date. Correspondingly, average sale prices were up more than 21% YTD in the single-family luxury market in May, and in the attached home luxury market, sales were up 50% YTD. That’s significant… As prices continue to climb, we imagine there will be many more records set in the months to come, throughout the residential market tiers!
- MARKET SUMMARY | If you are seeking to enter the market – as a buyer or a seller – now is the time. For sellers, home prices are projected to begin to level off later into the summer; for buyers, interest rates are poised to go up quite soon, and for every 1 percent increase in the interest rate, your purchasing power decreases by 10 percent. So it’s best to be on the ball.
Luxury Homes, Over $1M:
- Average Sold Price: $1.54M (DOWN 0.3% from Apr; DOWN 2% from 2015)
- Units Sold: 116 units (UP 35% from Apr; UP 6.4% from 2015)
- Average Days on Market: 80 days (DOWN 26% from Apr; DOWN 20% from 2015)
- Active Listings: 894 homes (UP 7% from March; UP 18% from 2015)
Single Family Detached Homes:
- Average Sold Price: $450,887 (UP 2% from Apr; UP 8% from 2015)
- Units Sold: 3,495 units (UP 16% from Apr; 0% change from 2015)
- Average Days on Market: 22.4 days (DOWN 9% from Apr; UP 10% from 2015)
- Active Listings: 4,402 homes (UP 9% from Apr; DOWN 7% from 2015)
- Average Sold Price: $297,298 (UP 4% from Apr; UP 14% from 2015)
- Units Sold: 1,376 units (UP 11% from Apr; DOWN 2% from 2015)
Download the full May 2016 report
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If you’re considering buying or selling, or if you simply want to have an in-depth conversation about the current market, please feel free to contact us any time. We possess the experience, confidence, and market savvy you seek to build your wealth through real estate… Let us show you the distinct client services we provide as your LUXE real estate partner, and bring your greatest expectations. We look forward to having a conversation soon!
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