The average single-family home sold for more than $ 700,000 in May and was off the market within eight days, according to the latest report from the Denver Metro Association of Realtors.
Why it matters: It continues to be a sellers’ market as supply cannot catch up with demand.
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The details: In recent months, condominiums and townhouses have been on the market a little longer than single-family homes. And since the demand for outbuildings was lower, the prices for these properties were a little lower.
In May, buyers completed these deals. The number of terraced houses is now at an all-time low, almost 70% less than last year.
The big picture: You are now looking at an expensive, competitive market in every price range and every living style.
According to the numbers:
The average home sale price was $ 540,000 and the average was $ 623,3,000, an increase of 22.8% and
Homes took an average of 11 days off the market, more than twice as fast as in May 2020.
In May there were around 400 fewer new entries than in April.
Remarkable: On average, sellers got 105.9% of the list price, which means most buyers paid at least 5% more than they did in May. A year ago, buyers typically got 99.4% of the demand.
The bottom line: The Denver real estate market continues to move at record speeds and doesn’t appear to be slowing anytime soon.
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