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DENVER – The Denver metro area’s record-high home prices just keep on climbing.
The median price of residential properties – detached single-family homes and condos both – rose to $417,000 in April, according to the latest data from the Denver Metro Association of Realtors. That represents an increase of 2.75 percent compared to March and 9.46 compared to April 2017.
The number of homes for sale in the metro area also rose last month to 5,160 as of the end of April. While that number is nearly 12 percent higher than the month before, it’s down nearly 4 percent from the same time last year. It’s also far below the historical average of 15,710.
In all, there were nearly 7,000 homes put up for sale in April, an increase of nearly 5 percent year-over-year. And all those new homes entering the market are selling quickly -- the average number of days on the market dropped by almost a quarter to just 20 days.
“This demonstrates homebuyer demand remains robust,” said Denver-area Realtor and chairman of DMAR’s Market Trends Committee Steve Danyliw. “As new listings poured into the market, buyers that were waiting for them quickly gobbled them up, driving the average days on the market down to 20 days. Housing activity remains strong, but increasing interest rates, increasing housing prices, low inventory and now increasing gas prices, will have an eventual impact.”
Due to rising prices, there are now more single-family homes in the $500,000 to $750,000 range than every other lower price segment combined, according to DMAR. Condos tend to be priced lower (the median is just under $300,000), so buyers looking for more affordable homes may have better luck in that area.
The luxury home market in metro Denver also continues to see big increases. Compared to the same time last year, April saw a 33-percent increase in the number of homes that sold for $1 million or more.
The most expensive home that sold in the metro area was a four-bedroom single-family home in Denver that went for $8 million.