Might Denver dwelling stock was blown from the market

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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